Document ID: chunk:federal_register_of_legislation:F2021L00471:body:0:p12
Version: federal_register_of_legislation:F2021L00471
Segment Type: other
Provision Reference: 
Character Range: 31131–34098

obligations is likely to help users understand how each component of the transaction contributes to the entity's revenue and cash flows; and
(b) that some revenue is recognised at a point in time and some is recognised over time is likely to help users understand how reported cash flows relate to revenue.
The entity also notes that the judgements it made are specific to the entity. Consequently, material accounting policy information would include information about how the entity has applied the requirements of AASB 15 to its specific circumstances.
The entity, therefore, assesses that accounting policy information about revenue recognition is material and should be disclosed. Such disclosure would include information about how the entity allocates the transaction price to its performance obligations and when the entity recognises revenue.

Example T—making materiality judgements on accounting policy information that only duplicates requirements in the Australian Accounting Standards
Background
Property, plant and equipment are material to an entity's financial statements.
The entity has no intangible assets or goodwill and has not recognised an impairment loss on its property, plant or equipment in either the current or comparative reporting periods.
In previous reporting periods, the entity disclosed accounting policy information relating to impairment of non-current assets which duplicates the requirements of AASB 136 Impairment of Assets and provides no entity-specific information. The entity disclosed that:
 The carrying amounts of the group's intangible assets and its property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated. For goodwill and intangibles with an indefinite useful life, the recoverable amount is estimated at least annually.
  An impairment loss is recognised in the statement of profit or loss whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.
  The recoverable amount of assets is the greater of their fair value less costs to sell and their value in use. In measuring value in use, estimated future cash flows are discounted to present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
  Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to that cash-generating unit and then to reduce the carrying amount of the other assets in the unit on a pro rata basis.
  An impairment loss in respect of goodwill is not subsequently reversed. For other assets, an impairment loss is