How about reusing the documentation of legacy file objects:

“Truncate the file’s size. If the optional size argument is present, the file is truncated to (at most) that size. The size defaults to the current position. The current file position is not changed. Note that if a specified size exceeds the file’s current size, the result is platform-dependent: possibilities include that the file may remain unchanged, increase to the specified size as if zero-filled, or increase to the specified size with undefined new content.”

http://docs.python.org/library/stdtypes.html#file.truncate