FINANCIAL REPORT
Notes to the Financial Statements for the Year Ended 31 December 2022
1 . Corporate information
The financial statements of KU Children ’ s Services ( the Company ) for the year ended 31 December 2022 were authorised for issue in accordance with a resolution of the Directors on 28 March 2023 .
The Company is incorporated as a company limited by guarantee . The financial statements are presented in Australian dollars , which is KU Children ’ s Services ’ functional and presentation currency .
2 . Application of new and revised Australian Accounting Standards
2.1 Amendments to Accounting Standards that are mandatorily effective for the current reporting period
The Company has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board ( AASB ) that are relevant to its operations and effective for an accounting period that begins on or after 1 January 2022 .
New and revised Standards and amendments thereof and Interpretations effective for the current year that are relevant to the Company include :
• AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Entities
• AASB 2021-7 Amendments to Australian Accounting Standards – Covid-19-Related Rent Concessions : Tier 2 Disclosures
• AASB 2022-1 Amendments to Australian Accounting Standards – Transition to Tier 2 : Simplified Disclosures for Not-for-Profit Entities
• AASB 2022-3 Amendments to Australian Accounting Standards – Illustrative Examples for Not-for-Profit Entities accompanying AASB 15
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 2021-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current and AASB 2021-6 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current – Deferral of Effective Date
AASB 2022-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates
AASB 2022-5 Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction
Effective for annual reporting periods beginning on or after
1-Jan-23
1-Jan-23
1-Jan-23
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