Water Accounting Standards
The Water Act 2007 identified new functions for the Bureau of Meteorology in water accounting. The Bureau's water accounting functions include compiling and maintaining the National Water Account and supporting the development of water accounting standards. This included the Bureau taking responsibility for the Water Accounting Standards Development project in November 2008. The Water Accounting Standards Board Office oversees and coordinates all Australian water accounting standards development activities. The Bureau of Meteorology applies as far as practicable the relevant standard to the production of the National Water Account.
Water Accounting Standards Board
The Water Accounting Standards Board (WASB) is an independent advisory board to the Bureau of Meteorology. The Board, formed in 2009, works with the water industry to develop consistent standards for water accounting. It also provides advice to the Bureau and the National Water Account Committee on water accounting matters relevant to the National Water Account.
Water Accounting Conceptual Framework
The Water Accounting Conceptual Framework (WACF) comprises a Preface and eight Statements of Water Accounting Concepts. The primary purpose of the WACF is to guide the development of Australian Water Accounting Standards (AWAS) to ensure they remain cohesive and integrated. Water account preparers can draw on the WACF for principles based guidance in assisting the preparation and presentation of General Purpose Water Accounting Reports (GPWAR) where the AWAS are not sufficient for their requirements.
Exposure Draft of Australian Water Accounting Standard 1
The Exposure Draft of Australian Water Accounting Standard 1 (ED AWAS 1) sets out the basis for preparing and presenting a General Purpose Water Accounting Report (GPWAR). It details requirements for the recognition, quantification, presentation and disclosure of items in a GPWAR. The document includes: a list of defined terms; illustrative guidance; and a basis for conclusions outlining the discussion and assumptions that informed its development. A set of Model Reports has been compiled to demonstrate the presentation and disclosure requirements of ED AWAS 1.
National Water Account 2011 and the Exposure Draft of Australian Water Accounting Standard 1
The preparation and presentation of the National Water Account 2011 has been guided by the Exposure Draft of Australian Water Accounting Standard 1. The water accounting policies note and the Accountability Statement discloses significant interpretations of, and variations from, the ED AWAS 1.
The Australian Water Accounting Standards will be developed and refined over time. Production of future National Water Accounts will be guided by the relevant standard at the time.
Find more information about Australian Water Accounting Standards development .