AASB 15 Revenue from Contracts with Customers 119-122: Describe performance obligations and disclose the transaction price allocated to remaining obligations with the expected timing, applying and explaining the short-duration and right-to-invoice expedients

What does 119-122 require?

The entity describes when it typically satisfies its obligations (shipment, delivery, as services are rendered, on completion, bill-and-hold), its significant payment terms including financing components, variability and constraint, what kind of goods or services it has promised, including any agency arrangements, return, refund and similar obligations, and warranty types. It discloses the aggregate transaction price allocated to unsatisfied or partly unsatisfied obligations at period end and when it expects to recognise it, either in time bands or qualitatively, except for obligations in contracts of one year or less or where the right-to-invoice method is used, and it explains whether the expedient is applied and whether any consideration is excluded from the transaction price, such as constrained variable amounts.