DisclosuresDisclosures

Disclosures

31 Lessees shall, in addition to meeting the requirements of AASB 7 Financial Instruments: Disclosures, make the following disclosures for finance leases:

(a) for each class of asset, the net carrying amount at the end of the reporting period;

(b) a reconciliation between the total of future minimum lease payments at the end of the reporting period, and their present value. In addition, an entity shall disclose the total of future minimum lease payments at the end of the reporting period, and their present value, for each of the following periods:

(i) not later than one year;

(ii) later than one year and not later than five years;

(iii) later than five years;

(c) contingent rents recognised as an expense in the period;

(d) the total of future minimum sublease payments expected to be received under non-cancellable subleases at the end of the reporting period; and

(e) a general description of the lessee’s material leasing arrangements including, but not limited to, the following:

(i) the basis on which contingent rent payable is determined;

(ii) the existence and terms of renewal or purchase options and escalation clauses; and

(iii) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing.

32 In addition, the requirements for disclosure in accordance with AASB 116, AASB 136, AASB 138, AASB 140 and AASB 141 apply to lessees for assets leased under finance leases.