The principals of historical accounting have failed to ensure maintenance of capital of the enterprise as well as present the true and fair financial position of the enterprise in real term due to change in business environment, economic condition such as value of human resources and application of advance technology. GAAP have come under various attack, ICAI has failed to develop such a model. The main objective of this book shall be considered achieved if it proves positive and received good suggestions to our accounting professionals and professional bodies research organizations and policy makers in the corporate sectors. The present volume contains nineteen chapters. The book aims to examine different issues related to accounting i.e. Harmonization of Indian Accounting Standards, environment cost accounting, concept of corporate governance in India and other countries of world, financial statistics within the latest framework of national accounting through the financial corporate sector, the difficulties in arriving at a unanimous and unambiguous arm's length price due to various options made available in the tax laws as also due to variety of international transactions etc. This book will definitely be very useful to research scholars and students who wish to explore new dimensions in accounting.
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