Water Information Standards
As the Water Accounting Standards Board (WASB) our primary activity is the development of Australian Water Accounting Standards (AWAS).
Before preparing the AWAS, we prepared the Water Accounting Conceptual Framework (WACF). All water accounting standards are aligned with the WACF and therefore share key concepts and definitions.
Our first attempt at a water accounting standard was the Preliminary Australian Water Accounting Standard (PAWAS), published in 2009. This was tested through several pilot programs, including the Pilot National Water Account. In 2010, it was succeeded by the Exposure Draft of Australian Water Accounting Standard 1 (ED AWAS 1), which includes a set of four associated model reports. It is hoped that voluntary adoption of ED AWAS 1 and further testing and feedback will contribute to the development of a final AWAS, scheduled for release at the end of 2012.
We are also working with the Auditing and Assurance Standards Board (AUASB) to develop a separate standard for Assurance Engagements on General Purpose Water Accounting Reports. A consultation paper on this topic will be released in mid-2011, followed by an Exposure Draft at the end of 2011. We plan to publish a final version of this new standard at the end of 2012.
The following diagram illustrates the development process of water accounting standards. The ED AWAS 1 is currently at step 4.
To ensure that the WACF and the ED AWAS 1 are credible, reliable and widely accepted:
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