Canberra
Water accounting policies

Introduction

The information presented in the Canberra region water accounting report is based on agreements between the Bureau of Meteorology and:

  • the Australian Capital Territory Government, Environment and Planning Directorate
  • New South Wales (NSW) Office of Water
  • ACTEW Water
  • Queanbeyan City Council (QCC)
  • National Capital Authority.

This report has been prepared using an accrual basis of water accounting, with the exception of the physical water flow information. The water attribute being quantified is volume and the unit of account is megalitres (ML). Where a reported volume is negative, it is shown in brackets. 

 

Recognition of water assets and water liabilities

Only water that is held or managed by the State or Territory licensing authority, or the region's urban water system, and from which future benefit can be derived by stakeholders of the region, is defined as a water asset. Water liabilities are constituted by present commitments to supply water, the discharge of which is expected to result in a decrease of the region's water assets or an increase in another water commitment to supply water.

A water asset is recognised in the Statement of Water Assets and Water Liabilities provided:

  • the volume can be quantified in a way that is complete, neutral and free from material error
  • the derived benefit is probable.

A water liability is recognised in the Statement of Water Assets and Water Liabilities provided:

  • the volume can be quantified in a way that is complete, neutral and free from material error
  • the decrease of the region's water assets or increase in another water commitment to supply water is probable.

Water held in off-channel water storages that has already been abstracted from the entitlement system is deemed not to be part of the region (regardless of the storage's size or connection to the system). This is because the attendant water right has already been exercised. 

 

Recognition of changes in water assets and water liabilities

The increases and decreases to the reported water assets and water liabilities consist of changes that can be quantified in a way that is complete, neutral, and free from material error. These volumes are reported in the Statement of Changes in Water Assets and Water Liabilities or the Statement of Water Flows.

Precipitation and evaporation are recognised only in relation to the surfaces of open storage volumes. They do not represent all precipitation, evaporation and evapotranspiration within the region (notably, these processes occurring from the landscape are not captured).

That portion of runoff that flows into the surface water store (storages and rivers) is quantified and recognised in the water accounting statements. This runoff includes precipitation captured in the catchment, less evaporation and change in soil moisture storage, and is recorded as Runoff to surface water.

Allocation announcements on regulated entitlements have been recognised as an increase in water liabilities. Note that the definition of regulated or unregulated entitlements for the purpose of the National Water Account may be different to the meaning applied by the jurisdiction (refer to 'Glossary'). Please refer to the Water rights, entitlements, allocations and restrictions note for more information on the allocations.

 

Water assets and water liabilities that fail the recognition criteria

The volumes of several water assets and water liabilities identified in the Canberra region were recognised in the water accounting statements but replaced by dashes ('–') as they 'failed the recognition criteria' specified in the Australian Water Accounting Standard 1, because:

  • they could not be quantified in a way that is complete, neutral and free from material error
  • they were unlikely to provide a future benefit to the region or the region's stakeholders.

Water assets that failed the recognition criteria include unregulated and regulated rivers (see Surface water note), groundwater aquifers (see Groundwater note) and the wastewater system (see Urban water system note).

 

Changes to water assets and water liabilities that fail the recognition criteria

The volumes of several changes to water assets identified in the Canberra region were not reported in the water accounting statements but replaced by dashes ('–') as they 'failed the recognition criteria' specified in the Australian Water Accounting Standard 1, because:

  • they could not be quantified in a way that is complete, neutral and free from material error
  • they were unlikely to provide a future benefit to the region or the region's stakeholders.

The line items related to surface water that failed the recognition criteria include entitled diversion of allocated surface water to individual users, diversions for other statutory rights, and river and floodplain leakage, evaporation and errors (see Surface water note). The groundwater-related line items that failed the recognition criteria include groundwater flows to/from outside the region, groundwater recharge/discharge from/to the landscape, and entitled extraction of allocated groundwater to users (see Groundwater note).

 

Restatement of comparative year information

In accordance with the Australian Water Accounting Standard 1, comparative year volumes must be restated in the statements if there is a prior period error or a change in line item presentation. Comparative year volumes are not required to be restated if there is a change in scope or methodology, or if subsequent data is available for the quantification of a line item.

There were no comparative year volumes in the water accounting statements restated from the 2013 Account.

 

Transactions within the region

Transactions between water assets and water liabilities within the region (e.g., between the surface water store and the groundwater store) are not reported in the water accounting statements because they do not affect the region's total water assets and water liabilities.

This information is reported in the Water resources and systems note, which contains water accounting statements for each water store within the region. These statements represent all transactions that occur for each water store, including internal transactions that were excluded from the consolidated water accounting statements.