Notes to the Financial Statements
for the Financial Year Ended 31 December 2015
1. Corporate Information
The financial statements of KU Children’s Services (the Company) for the year ended 31 December 2015 were
authorised for issue in accordance with a resolution of the Directors on 17 March 2016.
2. Application of new and revised Accounting Standards
In the current year, the Company has applied a number of the new and revised AASBs issued by the Australian
Accounting Standards Board (AASB) including AASB 2012-5 Amendments to Australian Accounting Standards arising
from Annual Improvements 2009-2011 Cycle. The application of these new and revised Accounting Standards does
not have any material impact on the financial statements.
At the date of authorisation of the financial statements, the Standards and Interpretations listed below were in issue
but not yet effective:
a) AASB 9 ‘Financial Instruments’, and the relevant amending standards, effective for annual periods beginning 1
January 2018. Expected to be initially adopted for the financial period ending 31 December 2018.
b) AASB 2014-1 ‘Amendments to Australian Accounting Standards’,
- Part A: ‘Annual Improvements 2010–2012 and 2011–2013 Cycles’
- Part C: ‘Materiality’
effective for annual periods beginning 1 July 2014. Expected to be initially adopted for the financial period
ending 31 December 2015.
c) AASB 2014-4 ‘Amendments to Australian Accounting Standards – Clarification of Acceptable Methods of
Depreciation and Amortisation’ effective for annual periods beginning 1 January 2016. Expected to be initially
adopted for the financial period ending 31 December 2016.
d) AASB 15 ‘Revenue from Contracts with Customers’ and AASB 2014-5 ‘Amendments to Australian Accounting
Standards arising from AASB 15’ effective for reporting periods beginning ` 1 January 2016. Expected to be
initially adopted for the financial period ending 31 December 2016.
e) AASB 2015-6 ‘Amendments to Australian Accounting Standards – Extending Related Party Disclosures to Nonfor-Profit Public Sector Entities’ effective for annual periods beginning 1 July 2016. Expected to be initially
adopted for the financial period ending 31 December 2017.
f) AASB 2015-7 ‘Amendments to Australian Accounting Standards – Fair Value Disclosures of Not-for-Profit Public
Sector Entities’ effective for annual periods beginning 1 July 2016. Expected to be initially adopted for the
financial period ending 31 December 2017.
3. Summary of Accounting Policies
Statement of compliance
The financial report is a general purpose financial report which has been prepared in accordance with Division 60
of the Australian Charities and Not-for-profits Commission Act 2012, Australian Accounting Standards – Reduced
Disclosure Requirements, and comply with other requirements of the law.
A statement of compliance with IFRS cannot be made due to the application of not for profit sector specific
requirements contained in the Australian Accounting Standards.
Basis of preparation
The financial report has been prepared on the basis of historical cost, except for the revaluation of certain financial
instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are
presented in Australian dollars.
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