What does 157-159 require?

The entity discloses information about its performance obligations in customer contracts: when it typically satisfies them, significant payment terms, what goods or services it has promised, obligations for returns, refunds and the like, and the types of warranties and related obligations. It disaggregates the period's revenue into categories that show how economic factors drive the uncertainty, nature, amount and timing of the entity's revenue and cash flows, choosing the categories with the help of AASB 15 paragraphs B87 to B89. For obligations satisfied over time it discloses the methods used to recognise revenue, such as the output or input method and how it is applied, and it discloses closing contract asset and contract liability balances where not presented separately elsewhere.

AASB 1060 General Purpose Financial Statements...

Other controls in Topic disclosures replacing the full Tier 1 disclosure sets (paragraphs 104 to 205) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities

104-105 Consolidated and separate statements: state that statements are consolidated, explain control held without a voting majority, differing subsidiary reporting dates and restrictions on subsidiaries transferring funds; separate statements say so, describe how investments are accounted for and identify the related consolidated statements
106-110 Accounting policies, estimates and errors: disclose the nature and line-item effect of a new Standard's initial application (or the Standard's own transition disclosures), the nature, reasons and effects of a voluntary policy change, the nature and effect of estimate changes, and the nature and line-item correction of prior period errors
111-119C Basic financial instruments: disclose material measurement policies, carrying amounts by AASB 9 category, the significance of instruments including the terms of long-term debt, the fair value basis and valuation assumptions by class, transferred assets not derecognised, pledged collateral, defaults and breaches on loans payable, the income, expense, gains and losses by category with interest income and expense and impairment by class, and contingent cash flow features by class
120-122C Hedging and nature-dependent electricity contracts: describe each hedged risk category with its instruments, their fair values and the hedged item; give the fair value hedge gains and losses, and for cash flow and net investment hedges the timing of cash flows, discontinued forecast transactions, OCI movements, reclassifications and ineffectiveness; and for own-use contracts for nature-dependent electricity disclose the variability and unusable-electricity features, how onerous contract risk is assessed, and the effect on performance
123-124 Inventories: disclose the material measurement policies including the cost formula, the carrying amount in total and by class, the amount expensed in the period, write-downs and reversals under AASB 102, and inventories pledged as security; not-for-profit entities add the basis for assessing lost service potential in distribution inventories
125-131 Associates and joint ventures: disclose material policies, the carrying amounts, the fair value of equity-accounted investments with published price quotations, dividends from cost-model associates, the share of equity-accounted profit and discontinued operations, aggregate joint venture commitments, and the financial instrument disclosures for investments carried under AASB 9
132-133 Investment property at fair value: disclose the valuation methods and assumptions, whether and to what extent an independent qualified valuer was used, restrictions on realisation or remittance, contractual obligations to buy, build, develop, repair or enhance, and a current-period reconciliation of carrying amounts; owners and lessees also give the lease disclosures
134-136 Property, plant and equipment and cost-model investment property: for each class disclose measurement bases, depreciation methods, useful lives or rates, gross carrying amount and accumulated depreciation at the opening and closing dates and a current-period movement reconciliation; also restricted title and pledged assets, capital commitments, investment property with no reliably measurable fair value, and revaluation details

Other controls in Topic disclosures replacing the full Tier 1 disclosure sets (paragraphs 104 to 205) – AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities

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