FINANCIALS
Notes to the Financial Statements for the Financial
Year Ended 31 December 2017
KU
20
17
1. Corporate Information
b) AASB 16 ‘Leases’ effective for reporting periods
beginning 1 January 2019. Expected to be initially
adopted for the financial period ending
31 December 2019.
The financial statements of KU Children’s Services
(the Company) for the year ended 31 December
2017 were authorised for issue in accordance with
a resolution of the Directors on 27 March 2018.
c) AASB 1058 ‘Income for Not-For-Profit Entities’
effective for annual periods beginning on or after
1 January 2019. Expected to be initially adopted
for the financial period ending 31 December 2019.
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.
AASB 1058 clarifies and simplifies the income
recognition requirements that apply to not-
for-profit (NFP) entities, in conjunction with
AASB 15. These Standards supersede the NFP
income recognition requirements previously in
AASB 1004 Contributions (with the exception
of certain matters relating to public sector NFP
entities) as well as current revenue recognition
guidance including AASB 118 Revenue, AASB
111 Construction Contracts and the related
Interpretations when it becomes effective.
At the date of authorisation of the financial
statements, the Standards and Interpretations listed
below were in issue but not yet effective:
The timing of income recognition depends on
whether such a transaction gives rise to a liability
or other performance obligation (a promise to
transfer a good or service), or a contribution by
owners, related to an asset (such as cash or another
asset) received by an entity.
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.
12