AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities 153-156: Provisions and contingencies: for each class of provision reconcile the period's movements and describe the obligation, timing, uncertainties and expected reimbursements; describe each class of contingent liability with its estimated effect, uncertainties and reimbursement prospects unless remote; describe probable contingent assets; and, where disclosure would seriously prejudice a dispute, disclose only the general nature and the reason for withholding

What does 153-156 require?

For each class of provision the entity reconciles the opening and closing carrying amounts showing additions (including unwinding of discounting), amounts used and unused amounts reversed, and describes the nature of the obligation, the expected amount and timing of payments, the uncertainties about amount or timing, and any expected reimbursement with the asset recognised for it; prior period comparatives are not required. For each class of contingent liability, unless the chance of an outflow is remote, the entity briefly describes its nature and, where practicable, estimates its financial effect measured under AASB 137 paragraphs 36 to 52, indicates the uncertainties about amount and timing, and states the possibility of reimbursement, saying so where any of this is impracticable. Where an inflow is probable but not virtually certain, contingent assets are described with an estimate of their financial effect where practicable. In the extremely rare case where disclosure would seriously prejudice the entity's position in a dispute, it may withhold the information but must disclose the dispute's general nature and the fact of, and reason for, the omission.