AASB 116 Property, Plant and Equipment 74-76: Disclose restrictions on title and assets pledged as security, expenditure capitalised on assets under construction, contractual commitments to acquire PPE, and (if not shown on the face of the statement of comprehensive income) third-party compensation and the proceeds and cost of items produced before an asset was ready for use; disclose changes in estimates under AASB 108

What does 74-76 require?

The financial statements also give whether title to any assets is restricted and the amounts involved, the assets pledged as security for liabilities, the amount spent and capitalised on items still under construction, and the amount of contractual commitments to acquire tangible operating assets. Unless the statement of comprehensive income already shows them as separate lines, they disclose the compensation from third parties for impaired, lost or surrendered items included in profit or loss, and the proceeds and the cost, both recognised in profit or loss, of items produced while an asset was being readied for use that are not an output of ordinary activities, naming the line items that contain them. Because method and useful life are judgements, the entity discloses depreciation for the period (whether expensed or added to other assets) and closing accumulated depreciation, and under AASB 108 it discloses the nature and effect of changes in estimates of residual values, dismantling and restoration costs, useful lives and depreciation methods.