Water accounting standards
The Water Act 2007 identified new functions for the Bureau of Meteorology in water accounting including compiling and maintaining the National Water Account and supporting the development of water accounting standards. The Water Accounting Standards Board oversees all Australian water accounting standards development activities. The Bureau 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 is an independent advisory board to the Bureau. The Board, formed in 2009, works with the water industry to develop consistent standards for water accounting. It also provides advice on water accounting matters relevant to the National Water Account.
Water Accounting Conceptual Framework
The Water Accounting Conceptual Framework comprises a preface and eight statements of water accounting concepts. The primary purpose of the Framework is to guide the development of Australian water accounting standards. Water account preparers can draw on the Framework for principles based guidance on the preparation and presentation of General Purpose Water Accounting Reports where the Australian water accounting standards are not sufficient.
National Water Account and the Australian Water Accounting Standard 1
The preparation and presentation of the National Water Account is guided by the Australian Water Accounting Standard 1. The Water Accounting Policies Note and the Accountability Statement discloses significant interpretations of, and variations from, the Australian Water Accounting Standard 1.
The Australian water accounting standards will be developed and refined over time. Production of future National Water Account will be guided by the most recent standard.
Find more information about Australian water accounting standards development.