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Human Resource Accounting (HRA) is one of the recent developments of accounting with a lot of promising future.  This work by Dr. D. Prabhakara Rao is a pioneering effort to design and implement HRA in the Indian context.  HRA System consists of two Sub-systems, viz., Human Resource Investment Sub-System and Human Resource Value Sub-system.  Appropriate input variables are recognized for each of the Sub-systems.  The production efficiency has been realized with the help of human contribution factor in respect of Investment Sub-system and through the productivity factor in relation to the Value Sub-system.  The stochastic model is used to compute the human resource value of the organization.  The relative efficiency of the human resource of the firm as compared to the efficiency of the industry's human resource is calculated with the help of Weighted Average Ratio of Production to Capital Employed.  The operation of the respective Sub-systems is supposed to produce a few output variables, which would reveal the human resource effectiveness.  The overall working of HRA System clearly emphasizes efficient and effective human resource development and utilization.  The theoretical design of HRA System is applied in Hindustan Shipyard to illustrate the aspects of implementation.  This well researched book with its various creative charts, forms necessary for the design aspect of the system of HRA along with a detailed bibliography would be of practical value to scholars and researchers of Economics, Business Management and Accounting.