This highly acclaimed text, now in its Sixth Edition, is designed as a first-level course in MBA and professional programmes. It explains how to prepare, analyze and interpret financial statements. NEW TO THIS EDITION • Chapters: Chapter 7 Financial Assets, Chapter 9 Operating Liabilities, Chapter 10 Financial Liabilities and Chapter 15 Earnings Analysis and Qualitative Information. • Topics: Accounting fraud and red flags, cash flow ratios, economic value added, foreign currency accounting and joint arrangements. • Expanded coverage: Earnings quality, earnings management and pro forma measures. • Standards: IFRS, Ind AS and Indian GAAP comparisons for key items in financial statements. • Real-world cases: Amazon, Lanco, National Spot Exchange, Olympus, Suzlon, Valeant Pharmaceuticals and TCS, Toshiba. • Interview: Professor Suraj Srinivasan, Harvard Business School. • Pedagogical features: Application, Discussion Question, Forensic Corner, Ladder, One-minute Quiz, Quick Question, Real World and Speed Read. • Examples: New examples in Chapter Vignette, Earnings Quality Analysis and Financial View. • New Material and Revision: Additional and revised text and figures in almost all chapters. Learning Resources Interactive Online Study Guide available at PHI India website has solution templates, self-test questions, key ideas and chapter review slides.