Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p37
Version: federal_register_of_legislation:F2025C00209
Segment Type: other
Provision Reference: 
Character Range: 110995–114534

and leaseback transactions. [IFRS for SMEs Standard paragraph 20.35]

Not-for-profit lessees – Leases with significantly below-market terms and conditions
      1.                  In addition to the disclosures required in paragraphs 144–146, where a lessee is a not-for-profit entity and elects to measure a class or classes of right-of-use assets at initial recognition at cost in accordance with paragraphs 23–25 of AASB 16 for leases that have significantly below-market terms and conditions principally to enable the entity to further its objectives, the lessee shall disclose information that helps users of financial statements to assess:
           1.                    the entity's dependence on leases that have significantly below-market terms and conditions principally to enable the entity to further its objectives; and
           2.                    the nature and terms of the leases, including:
                1.                      the lease payments;
                2.                    the lease term;
                3.                  a description of the underlying assets; and
                4.                  restrictions on the use of the underlying assets specific to the entity.
      1.                  The disclosures provided by a not‑for‑profit entity in accordance with paragraph 151 shall be provided individually for each material lease that has significantly below-market terms and conditions principally to enable the entity to further its objectives or in aggregate for leases involving right-of-use assets of a similar nature. An entity shall consider the level of detail necessary to satisfy the disclosure objective and how much emphasis to place on each of the various requirements. An entity shall aggregate or disaggregate disclosures so that useful information is not obscured by either the inclusion of a large amount of insignificant detail or the aggregation of items that have substantially different characteristics.

Provisions and Contingencies[20]

Disclosures about provisions
      1.                  For each class of provision, an entity shall disclose all of the following:
           1.                    a reconciliation showing:
                1.                      the carrying amount at the beginning and end of the period;
                2.                    additions during the period, including adjustments that result from changes in measuring the discounted amount;
                3.                  amounts charged against the provision during the period; and
                4.                  unused amounts reversed during the period;
           1.                    a brief description of the nature of the obligation and the expected amount and timing of any resulting payments;
           2.                    an indication of the uncertainties about the amount or timing of those outflows; and
           3.                    the amount of any expected reimbursement, stating the amount of any asset that has been recognised for that expected reimbursement.
          Comparative information for prior periods is not required. [IFRS for SMEs Standard paragraph 21.14]

Disclosures about contingent liabilities
      1.                  Unless the possibility of any outflow of resources in settlement is remote, an entity shall disclose, for each class of contingent liability at the reporting date, a brief description of the nature of the contingent liability and, when practicable:
           1.                    an estimate of its