Australia's first water accounting standard
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.