Date of Applicability of Notification G.S.R. 364(E) MCA for Companies

Notification G.S.R. 364(E) MCA is on substitution of various existing AS(also called AS 2006) into new ASs and this notification was published on 30.06.2016. So technically all the financial statements of assesses who are not required to prepare their financial statements in accordance with IND-As for F/Y 2016-17 onwards will be required to follow new ASs. What changes it will bring in Financial statements cannot be summarised as of now.

Further our Institute ICAI has also issued a clarification 

"With a view to have consistent approach by companies on the applicability of the Accounting Standards as amended by the Companies (Accounting Standards) Amendment Rules, amended Accounting Standards should be followed for accounting periods commencing on or after the date of publication of the notification in the Official Gazette."

See link at 

https://www.icai.org/new_post.H T M L?post_id=12580