The present edition is based on the Revised Schedule III as per the Companies Act, 2013 and incorporates the effects of all Accounting Standards issued by the Institute of Chartered Accountants of India. Questions asked during the previous examinations have also been included at suitable places. ';Familiarisation paragraph' at the beginning of each unit has been especially made to lead the students gently into the unit and the subsequent chapters will reinforce a sense of progress and achievement.