AASB 15 Revenue from Contracts with Customers 116-118: Disclose contract balances: opening and closing receivables, contract assets and liabilities, revenue released from opening contract liabilities and from prior-period performance, and explain the timing relationship and significant movements

What does 116-118 require?

The entity discloses opening and closing figures for receivables, contract assets and contract liabilities arising from customer contracts if not presented separately, the revenue recognised in the period that sat in the opening contract liability balance, and revenue from performance obligations satisfied or partly satisfied in earlier periods, such as from changes in transaction price. It explains, qualitatively where appropriate, how the timing of satisfying its obligations relates to typical payment timing and how that shapes the balances, and gives qualitative and quantitative explanation of significant movements such as business combinations, cumulative catch-up adjustments, impairments, reclassification to receivables and satisfaction of obligations.