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What is Tinea versicolor and explain in detail?
Tinea versicolor (also pityriasis versicolor) is a condition characterized by a skin eruption on the trunk and proximal extremities.  The majority of tinea versicolor is caused by the fungus Malassezia globosa, although Malassezia furfur is responsible for a small number of cases. These yeasts are normally found on the human skin and become troublesome only under certain circumstances, such as a warm and humid environment, although the exact conditions that cause initiation of the disease process are poorly understood.The condition pityriasis versicolor was first identified in 1846.  Versicolor comes from the Latin versāre to turn + color. It is also commonly referred to as Peter Elams disease in many parts of South Asia.

Signs and symptoms
The symptoms of this condition include:

Occasional fine scaling of the skin producing a very superficial ash-like scale
Pale, dark tan, or pink in color, with a reddish undertone that can darken when the patient is overheated, such as in a hot shower or during/after exercise. Tanning typically makes the affected areas contrast more starkly with the surrounding skin.
Sharp borderPityriasis versicolor is more common in hot, humid climates or in those who sweat heavily, so it may recur each summer.The yeasts can often be seen under the microscope within the lesions and typically have a so-called "spaghetti and meatball appearance" as the round yeasts produce filaments.
In people with dark skin tones, pigmentary changes such as hypopigmentation (loss of color) are common, while in those with lighter skin color, hyperpigmentation (increase in skin color) is more common. These discolorations have led to the term "sun fungus".

Pathophysiology
In cases of tinea versicolor caused by the fungus Malassezia furfur, lightening of the skin occurs due to the funguss production of azelaic acid, which has a slight bleaching effect.

Diagnosis
Tinea versicolor may be diagnosed by a potassium hydroxide (KOH) preparation and lesions may fluoresce copper-orange when exposed to Woods lamp. 
The differential diagnosis for tinea versicolor infection includes:
Progressive macular hypomelanosis
Pityriasis alba
Pityriasis rosea
Seborrheic dermatitis
Erythrasma
Vitiligo
Leprosy
Syphilis
Post-inflammatory hypopigmentation

Treatment
Treatments for tinea versicolor include:

Topical antifungal medications containing selenium sulfide are often recommended. Ketoconazole (Nizoral ointment and shampoo) is another treatment.  It is normally applied to dry skin and washed off after 10 minutes, repeated daily for two weeks