This thoroughly revised and updated edition, with most of the chapters of the previous edition rewritten, clearly analyzes the concepts and applications of financial accounting. The book acquaints the readers with the new International Financial Reporting Standards (IFRS) which are applicable in India from 1st april 2011 onwards. Divided into 17 chapters, the text explains, with the help of many tables, boxes and practical examples, all the basic accounting principles. The book is written in an accessible and reader-friendly manner so that the students can comprehend the subject with great ease. Intended primarily for postgraduate students of management, the book should also be extremely useful for those preparing for accountancy examinations. Besides, practising managers should find the book handy for analyzing financial statements. The text is prepared based on IFRS revised up to 1st september 2010. Includes revised schedule VI on profit and loss account format and an annexure on notifications on revised schedule VI. The book contains a large number of powerpoint presentations (PPTs), along with the amended schedule VI. The chapters, particularly those covering accounting standards, have been thoroughly revised.