Leave cycle - anything wrong in continuing with April - March instead of following the calendar year?

I have just joined a company where there was no HR department. The leave cycle they follow is the accounting year i.e. april - March and they 15 paid leaves.
so, now i have to wait till March before I introduce some changes.
Just wanted to clarify if there is anything wrong in continuing with the same cycle i.e April - March instead of following the calendar year like most of the companies.
Should i have some leaves for April 2011 to dec 2011 this year and then change it to Jan -dec in 2012 or carry on with the same cycle and make it April - March -2012.

Hi...
I don't think there is any problem in continuing with the same cycle i.e. April to March...
If you want to initiate changes, do it from April this year otherwise it leads to confusion...or if you want to change the cycle then go ahead introduce changes...
regards,
Archna

It is better to synchronize leave cycle with the FY of the company as it facilitate calculation of liability of the company towards leave encashment, keeping in view the accounting standards followed by company. In case leave cycle is selected on calender year basis, leave due for 3 months (Jan to March) every year has to be calculated for every employee every year for the above purpose, which increases the workload at the time of financial closing.
TR Chhabria

Dear friends,
So far the issue of leave is concern falling under The factories Act, counting of leave basically taken on working days from January to December as per the provision of said act and it is called as "calender year".
KIRAN KALE

So, you mean there is no harm in continuing with the financial year for leaves ?
Can I have 21 privilege leaves as per Bombay Shops & Establishment Act from April this year ?

we follow Apr to Mar Cycle.
Please guide me in case any employee join in Dec how many Pl will he be applicable.