Section 4(4) in The Companies (Indian Accounting Standards) Rules, 2015
(4)Companies to which Indian Accounting Standards (Ind AS) are applicable as specified in these rules shall prepare their first set of financial statements in accordance with the Indian Accounting Standards (Ind AS) effective at the end of its first Indian Accounting Standards (Ind AS) reporting period.Explanation. - For the removal of doubts, it is hereby clarified that the companies preparing financial statements applying the Indian Accounting Standards (Ind AS) for the accounting period beginning on 1st April, 2016 [or 1st April, 2018, as the case may be] [Inserted by Notification No. G.S.R. 365(E), dated 30.3.2016 (w.e.f. 16.2.2015).] shall apply the Indian Accounting Standards (Ind AS) effective for the financial year ending on 31st March, 2017 [or 31st March, 2019, as the case may be] [Inserted by Notification No. G.S.R. 365(E), dated 30.3.2016 (w.e.f. 16.2.2015).].
