Notes to the Financial Statements
for the Financial Year Ended 31 December 2016
1. Corporate Information
The financial statements of KU Children’s Services (the Company) for the year ended 31 December 2016 were authorised for issue
in accordance with a resolution of the Directors on 29 March 2017.
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 2016-1 Amendments to Australian Accounting Standards arising from Annual Improvements 2010-
2012 and 2011-2013 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 2014-4 ‘Amendments to Australian A ccounting 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.
c) AASB 16 ‘Leases’ effective for reporting periods beginning 1 January 2019. Expected to be initially adopted for the financial
period ending 31 December 2019.
d) AASB 2015-6 ‘Amendments to Australian Accounting Standards – Extending Related Party Disclosures to Non-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.
e) 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.
f) AASB 2016-2 ‘Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB107’ effective for
annual periods beginning 1 January 2017. Expected to be initially adopted for the financial period ending 31 December 2017.
g) AASB 2016-4 ‘Amendments to Australian Accounting Standards - Recoverable Amount of Non-Cash-Generating Specialised
Assets of Not-for-Profit Entities’ effective for annual periods beginning 1 January 2017. Expected to be initially adopted for the
financial period ending 31 December 2017.
h) AASB 2017-2 ‘Amendments to Australian Accounting Standards – Further Annual Improvements 2014-2016 Cycle’ effective for
annual periods beginning 1 January 2017. 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, and 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.
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