Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p38
Version: federal_register_of_legislation:F2025C00209
Segment Type: other
Provision Reference: 
Character Range: 114260–117414

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 financial effect, measured in accordance with paragraphs 36–52 of AASB 137 Provisions, Contingent Liabilities and Contingent Assets;
           2.                    an indication of the uncertainties relating to the amount or timing of any outflow; and
           3.                    the possibility of any reimbursement.
     If it is impracticable to make one or more of these disclosures, that fact shall be stated. [IFRS for SMEs Standard paragraph 21.15]

Disclosures about contingent assets
      1.                  If an inflow of economic benefits is probable (more likely than not) but not virtually certain, an entity shall disclose a description of the nature of the contingent assets at the end of the reporting period and, where practicable, an estimate of their financial effect, measured using the principles set out in paragraphs 36–52 of AASB 137. Where any of the information required by this paragraph is not disclosed because it is not practicable to do so, that fact shall be stated. [Based on IFRS for SMEs Standard paragraph 21.16]

Prejudicial disclosures
      1.                  In extremely rare cases, disclosure of some or all of the information required by paragraphs 153–155 can be expected to prejudice seriously the position of the entity in a dispute with other parties on the subject matter of the provision, contingent liability or contingent asset. In such cases, an entity need not disclose the information, but shall disclose the general nature of the dispute, together with the fact that, and reason why, the information has not been disclosed. [IFRS for SMEs Standard paragraph 21.17]

Revenue[21]

General disclosures about revenue
      1.                  An entity shall disclose:
           1.                    information about its performance obligations in contracts with customers, including a description of when the entity typically satisfies its performance obligations, the significant payment terms, the nature of the goods or services that the entity has promised to transfer, obligations for returns, refunds and other similar obligations and types of warranties and related obligations; and
           2.                    the amount of each category of revenue recognised during the period, disaggregated into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. An entity applies the guidance in AASB 15 Revenue from Contracts with Customers paragraphs B87–B89 when selecting the categories to use to disaggregate revenue.
     [Based on IFRS for SMEs Standard paragraph 23.30]

Disclosures relating to performance obligations satisfied over time
      1.                  For performance obligations that an entity satisfies over time, an entity shall disclose the methods used to recognise revenue (for example, a description of the