This issue has variants.
Cover caption states "Introducing the new Kid Flash!"
In this issue the second Wally West becomes Kid Flash for the first time. However, his first published appearance as Kid Flash occurs in Teen Titans: Rebirth #1 (2016 series), which was published on 09/28/16, two weeks prior to this issue. Presumably that story takes place after the story in this issue.
In DC Universe: Rebirth #1 (2016 series), it is stated that the second Wally West is the son of Daniel West (Iris West's brother). This contradicted events in The Flash 2011 series, where the second Wally refers to Daniel (also known as the Reverse-Flash) as his uncle. Also in this issue, as well as Teen Titans: Rebirth #1 (2016 series), the second Wally refers to Daniel as his uncle. Finally, in issue #9, Barry reveals that Daniel is indeed the father of the second Wally, but Wally had been unaware of this, erroneously believing Daniel to be his uncle.