Water Accounting Standards Board
Accounting for volumes and values of water allocated and traded across Australia in a consistent way is necessary for good economic, social and environmental outcomes.
The Water Accounting Standards Board (WASB) is an independent advisory board to the Bureau of Meteorology and works with the water industry to develop consistent standards for water accounting.
The Bureau will use Australian Water Accounting Standards (AWAS 1) to guide the preparation of the National Water Account.
For an overview of water accounting, download the Bureau's Information Sheet 8: Accounting for Australia's Water (PDF 484 KB).
Australian Water Accounting Standard 2 released
The Australian Water Accounting Standard 2 was recently published by the Bureau of Meteorology and the Auditing and Assurance Standards Board.
Developed in conjunction with WASB, the standard establishes requirements for assurance engagements. It guides assurance practitioners on how to accept, conduct and report on engagements so they can provide reasonable or limited assurance on a general purpose water accounting report.
The Bureau has released the Australian Water Accounting Standard 1 (AWAS 1). AWAS 1 prescribes how to prepare and present a General Purpose Water Accounting Report and has three appendices:
- a list of defined terms
- illustrative guidance
- a basis for conclusions outlining the discussion and assumptions that informed its development.
It is accompanied by a suite of illustrative water accounting reports.
While developing the Standard, WASB undertook an effect analysis to determine—as best as possible—the costs and benefits of adopting the Standard.
Building on the Australian Water Accounting Standards, the WASB analysed a number of General Purpose Water Accounting Reports to provide an effective method for reading and interpreting the information they contained. Analysis such as this enhances the use of water information as the adoption of Australian Water Accounting Standards grows.
The WASB section of this website contains some discussion and draft content that represents our independent views. It may not have been endorsed by all parties to the National Water Initiative (PDF 348KB)