What does KOALA stand for?

What does KOALA mean? We have 2 definitions. Read most used KOALA meanings below.

KOALA — Kit Off And Legs Akimbo. Various applications, most obviously referring to sexual readiness. Incidentally the word akimbo normally refers to arms not legs - hands on hips, with arms bent at the elbow. (Thanks S Smith, possible/probable originator, c.2002)
KOALA — Kids Own Australian Literature Award

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