Milo Ltd manufactures digital watches that carry a 12-month warranty. The provision for warranty repairs is usually estimated as 2% of sales revenue for the current year. On 30 June 2022, the debit balance of the provision account is currently $495,000. However, products sold this year required repairs at a rate of 3% of sales. Sales revenue for the year was $50 million, and warranty payments were $1.5 million.

With reference to the appropriate accounting standard, what adjustments and related disclosures are required for the annual reports being prepared as at 30 June 2022?