The International Accounting Standards Board (IASB) issued IFRS 15, Revenue from Contracts with Customers, jointly with US national standard-setter, Financial Accounting Standards Board (FASB) in May 2014 to improve the financial reporting of revenue under International Financial Reporting Standards (IFRSs) and US Generally Accepted Accounting Principles (US GAAP). The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI), at its 212^th meeting, considered and finalised the Exposure Draft of the corresponding Ind AS 115, Revenue from Contracts with Customers, and decided to invite comments from various stakeholders.