International water accounting review
International water accounting report
The Office of the Water Accounting Standards Board, an independent Board to the Bureau of Meteorology, has undertaken a desktop review of relevant water accounting and reporting activities around the world. A report has been produced analysing opportunities to develop linkages with similar bodies.
The report reviews the water accounting activities of international bodies as well as corporate sustainability reporting around the world. It identifies opportunities for the Australian form of water accounting to learn from other applications and for cooperation between the Water Accounting Standards Board and overseas organisations.
At an international level, water accounting is used by organisations such as the United Nations, the World Bank and various national governments to measure the economic contribution of water and to inform natural resource management.
Notably, nowhere else in the world besides Australia has water accounting standards based on financial accounting principles.
The Bureau produces a National Water Account annually to provide standardised information about the management of Australia's water resources. Water accounting is also practiced by the Australian Bureau of Statistics and the Australian Bureau of Agricultural and Resource Economics and Sciences, which are primarily concerned with the economic value of water. These activities are of considerable interest to our international peer organisations.