KU2020
2.2 New and revised Australian Accounting Standards in issue but not yet effective
At the date of authorisation of the financial statements , the Company has not applied the following new and revised Australian Accounting Standards , Interpretations and amendments that have been issued but are not yet effective :
Standard / amendment
AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-Current and AASB 2020-6 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current – Deferral of Effective Date
AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and Other Amendments
AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Entities
Effective for annual reporting periods beginning on or after
1-Jan-22
1-Jan-22
1-Jul-21
2.3 COVID-19 Government support packages
In response to the Coronavirus ( COVID-19 ) pandemic , Commonwealth and State Governments introduced a number of subsidies to assist economic activity and employment . The most significant of these was the Commonwealth Government ’ s JobKeeper program which was available to employers based on employee eligibility criteria . The entity was eligible for this program because measured turnover fell in excess of 30 %, and in consequence , the entity was able to maintain its full spectrum of activities , employment and Centre enrolments during the pandemic . The Commonwealth Government ECE Relief Package , the Victorian Government Transition Funding , and COVID-19 Funding in NSW Preschools have been the main reasons for the shift from Revenue from Fees to Revenue from non-capital Government Funding in the Statement of Profit and Loss for the year .
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 complies 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 . The following significant accounting policies have been adopted in the preparation and presentation of the financial report :
a ) Property , plant and equipment Land and buildings , leasehold improvements , furniture and office equipment , motor vehicles and computers are stated at cost less accumulated depreciation and impairment . Cost includes expenditure that is directly attributable to the acquisition of the item . In the event that settlement of all or part of the purchase consideration is deferred , cost is determined by discounting the amounts payable in the future to their present value as at the date of acquisition .
14