Preface

It gives me immense pleasure in presenting the second edition of the book. The maiden edition received an overwhelming response both from students and teachers. The feedback received from the academic community has been duly incorporated in the revised edition.

Financial accounting and reporting is undergoing a major shift in India with the Companies Act, 2013. Cash Flow Statement and Consolidated Financial Statements have been made mandatory for all companies. The Ministry of Corporate Affairs has announced the revised schedule for the convergence of Indian accounting standards with the IFRS. Hopefully from the financial year 2016–17, the first phase of the transition would begin. The revised edition suitably incorporates these changes. ...

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