The process of recording financial transactions which are related to business is known as accounting. It measures the results of economic activities of an organisation and conveys the information to different types of users such as investors, management, regulators and creditors. The subject of accounting is divided into four branches including management accounting, tax accounting, financial accounting and cost accounting. Management accounting deals with measurement, analysis and reporting of information for internal use by the management. Tax accounting refers to accounting for tax purposes. Financial accounting is concerned with preparation of financial statements for the use of external users such as regulators, suppliers and investors. Cost accounting refers to the set of procedures used to record and report cost of manufacturing goods and services. This book is compiled in such a manner, that it will provide in-depth knowledge about the theory and practice of accounting. It unfolds the innovative aspects of accounting which will be crucial for the holistic understanding of the subject matter. Through this book, we attempt to further enlighten the readers about the new concepts in this field.