AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities 144-152: Leases: lessees disclose right-of-use asset carrying amounts by class, future lease payments in three maturity bands, a description of significant arrangements, the asset movement items, short-term and low-value lease expense and commitments, and any rent concession expedient; lessors give the finance lease reconciliation and maturity analysis, unearned income, residual values, loss allowance and variable income, and the operating lease maturity analysis and variable income; sale and leaseback terms are described; not-for-profit lessees with below-market leases at cost disclose their dependence on and the terms of those leases

What does 144-152 require?

A lessee discloses, by class of underlying asset, the closing carrying amount of right-of-use assets, the total future lease payments falling due within one year, between one and five years, and after five years, and a general description of its significant leasing arrangements (variable payments, options to extend or terminate, residual value guarantees, subleasing and restrictions); it also applies the additions, depreciation and revaluation disclosure items of paragraphs 134(e) and 136 to right-of-use assets, and discloses the expense for short-term and low-value leases exempted under AASB 16 paragraph 6 together with short-term commitments where the committed portfolio differs from the expensed one. A lessee using the AASB 16 paragraph 46A rent concession expedient discloses whether it applied it to all qualifying concessions (or the nature of the contracts covered) and the profit or loss amount recognised, with first-year relief from the quantitative policy change disclosure. A lessor discloses for finance leases a reconciliation of the gross investment to the present value of payments receivable, both amounts analysed into the three maturity bands, unearned finance income, unguaranteed residual values, the loss allowance on receivables, income from variable payments outside the net investment, and a description of significant arrangements; for operating leases it discloses future payments under non-cancellable leases in the three bands, variable payment income not based on an index or rate, and a description of significant arrangements, and applies the asset disclosures of the property, intangible and impairment sections to assets leased out. Sale and leaseback transactions attract the lessee and lessor disclosures and a description of unusual terms. A not-for-profit lessee that measures right-of-use assets at cost for leases with significantly below-market terms granted to further its objectives discloses, individually for each material lease or in aggregate for similar leases, its dependence on such leases and their nature and terms (payments, term, the underlying assets and entity-specific restrictions on their use), choosing a level of detail that neither buries nor over-aggregates the information.