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The objective of the disclosure requirements is for an entity to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. To achieve that objective, an entity shall disclose qualitative and quantitative information about all of the following:

a. its contracts with customers;

b. the significant judgements, and changes in the judgements, made in applying this Standard to those contracts; and

c. any assets recognised from the costs to obtain or fulfil a contract with a customer.

An entity shall consider the level of detail necessary to satisfy the disclosure objective and how much emphasis to place on each of the various requirements. An entity shall aggregate or disaggregate disclosures so that useful information is not obscured by either the inclusion of a large amount of insignificant detail or the aggregation of items that have substantially different characteristics.

An entity need not disclose information in accordance with this Standard if it has provided the information in accordance with another Standard.

2.10.1 Contracts with Customers

An entity shall disclose all of the following amounts for the reporting period unless those amounts are presented separately in the statement of comprehensive income in accordance with other Standards:

a. revenue recognised from contracts with customers, which the entity shall disclose separately from its other sources of revenue; and

b. any impairment losses recognised (in accordance with IFRS 9) on any receivables or contract assets arising from an entity's contracts with customers, which the entity shall disclose separately from impairment losses from other contracts.

2.10.2 Disaggregation of Revenue

An entity shall disaggregate revenue recognised from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

In addition, an entity shall disclose sufficient information to enable users of financial statements to understand the relationship between the disclosure of disaggregated revenue (and revenue information that is disclosed for each reportable segment, if the entity applies IFRS 8 Operating Segments.

2.10.3 Contract Balances

An entity shall disclose all of the following:

a. the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers, if not otherwise separately presented or disclosed;

b. revenue recognised in the reporting period that was included in the contract liability balance at the beginning of the period; and

c. revenue recognised in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods (for example, changes in transaction price).

An entity shall explain how the timing of satisfaction of its performance obligations relates to the typical timing of payment and the effect that those factors have on the contract asset and the contract liability balances. The explanation provided may use qualitative information.

An entity shall provide an explanation of the significant changes in the contract asset and the contract liability balances during the reporting period. The explanation shall include qualitative and quantitative information. Examples of changes in the entity's balances of contract assets and contract liabilities include any of the following:

a. changes due to business combinations;

b. cumulative catch-up adjustments to revenue that affect the corresponding contract asset or contract liability, including adjustments arising from a change in the measure of progress, a change in an estimate of the transaction price (including any changes in the assessment of whether an estimate of variable consideration is constrained) or a contract modification;

c. impairment of a contract asset;

d. a change in the time frame for a right to consideration to become unconditional (i.e. for a contract asset to be reclassified to a receivable); and

e. a change in the time frame for a performance obligation to be satisfied (i.e. for the recognition of revenue arising from a contract liability).

2.10.4 Performance Obligations

An entity shall disclose information about its performance obligations in contracts with customers, including a description of all of the following:

a. when the entity typically satisfies its performance obligations (for example, upon shipment, upon delivery, as services are rendered or upon completion of service), including when performance obligations are satisfied in a bill-and-hold arrangement;

b. the significant payment terms (for example, when payment is typically due, whether the contract has a significant financing component, whether the consideration amount is variable and whether the estimate of variable consideration is typically constrained);

c. the nature of the goods or services that the entity has promised to transfer, highlighting any performance obligations to arrange for another party to transfer goods or services (i.e. if the entity is acting as an agent);

d. obligations for returns, refunds and other similar obligations; and

e. types of warranties and related obligations.

2.10.5 Transaction Price Allocated to the Remaining Performance Obligations

An entity shall disclose the following information about its remaining performance obligations:

a. the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period; and

b. an explanation of when the entity expects to recognise as revenue the amount disclosed which the entity shall disclose in either of the following ways:

i. on a quantitative basis using the time bands that would be most appropriate for the duration of the remaining performance obligations; or

ii. by using qualitative information.

As a practical expedient, an entity need not disclose the information for a performance obligation if either of the following conditions is met:

a. the performance obligation is part of a contract that has an original expected duration of one year or less; or

b. the entity recognises revenue from the satisfaction of the performance obligation.

An entity shall explain qualitatively whether it is applying the practical expedient and whether any consideration from contracts with customers is not included in the transaction price and, therefore, not included in the information disclosed. For example, an estimate of the transaction price would not include any estimated amounts of variable consideration that are constrained.

2.10.6 Significant Judgements in the Application of this Standard

An entity shall disclose the judgements, and changes in the judgements, made in applying this Standard that significantly affect the determination of the amount and timing of revenue from contracts with customers. In particular, an entity shall explain the judgements, and changes in the judgements, used in determining both of the following:

a. the timing of satisfaction of performance obligations; and

b. the transaction price and the amounts allocated to performance obligations.

2.10.7 Determining the Timing of Satisfaction of Performance Obligations

For performance obligations that an entity satisfies over time, an entity shall disclose both of the following:

● the methods used to recognise revenue (for example, a description of the output methods or input methods used and how those methods are applied); and

● an explanation of why the methods used provide a faithful depiction of the transfer of goods or services.

For performance obligations satisfied at a point in time, an entity shall disclose the significant judgements made in evaluating when a customer obtains control of promised goods or services.

2.10.8 Determining the Transaction Price and the Amounts Allocated to Performance Obligations

An entity shall disclose information about the methods, inputs and assumptions used for all of the following:

a. determining the transaction price, which includes, but is not limited to, estimating variable consideration, adjusting the consideration for the effects of the time value of money and measuring non-cash consideration;

b. assessing whether an estimate of variable consideration is constrained;

c. allocating the transaction price, including estimating stand-alone selling prices of promised goods or services and allocating discounts and variable consideration to a specific part of the contract (if applicable); and

d. measuring obligations for returns, refunds and other similar obligations.

2.10.9 Assets Recognised from the Costs to Obtain or Fulfil a Contract with a Customer

An entity shall describe both of the following: