Australia's first water accounting standard

Front cover of the Australian Water Accounting Standard 1

Front cover of the Australian Water Accounting Standard 1

An Australian first was recognised on 8 October 2012 when the Australian Water Accounting Standard 1 was launched at the International RiverSymposium in Melbourne. The standard provides a cross-disciplined approach to water information reporting and guides the preparation and presentation of general purpose water account reports.

Development of the Australian Water Accounting Standard 1 started in 2006 and included an extensive consultation period, as well as significant collaboration between private and public organisations. It is a major step in delivering on the National Water Initiative’s call for water accounting and a significant achievement of the Bureau of Meteorology. The standard includes:

  • definitions of water accounting elements (water assets, water liabilities, changes in water assets, changes in water liabilities and net water assets)
  • recognition criteria for those elements
  • quantification attributes and units for those elements
  • disclosure requirements.

The standard is available for voluntary adoption to improve water information, build capacity and strengthen decision-making. 

Access the Australian Water Accounting Standard 1 and Illustrative Water Accounting Reports