For each class of provision, AASB 137 Provisions, Contingent Liabilities and Contingent Assets requires an entity to disclose the following information: I Comparative information.
II Unused amounts reversed during the period.
III Additional provisions made during the period.
IV The carrying amount at the beginning and end of the period.
V A brief description of the nature of the obligation and the expected timing.

Question

Quizplus · Accepted Answer

AASB 137 requires entities to disclose information about the provisions they have, including unused amounts reversed during the period (II), additional provisions made during the period (III), the carrying amount at the beginning and end of the period (IV), and a brief description of the nature of the obligation and the expected timing of outflows (V). Comparative information (I) is generally required for financial statements, but the specific disclosures for provisions focus on the details of the provisions themselves.

For Each Class of Provision, AASB 137 Provisions, Contingent Liabilities