Australian Water Accounting Standards
Australian Water Accounting Standards provide guidance and explanatory material to assist in preparing, presenting and assuring general purpose water accounting reports.
Water Accounting Conceptual Framework
The theoretical foundation of water accounting is contained in the Water Accounting Conceptual Framework for the Preparation and Presentation of General Purpose Water Accounting Reports. The primary purpose of the framework is to guide the development of Australian Water Accounting Standards, to ensure they remain cohesive and integrated.
You can draw on the framework for principle-based guidance on preparing and presenting general purpose water accounting reports, where the standards alone are not sufficient.
The framework was first issued in 2009 and revised in 2014 by the Water Accounting Standards Board, as part of the Bureau of Meteorology's water accounting function. The framework was developed by consulting water industry experts, financial accountants, and financial accounting standard setters.
Australian Water Accounting Standard 1
Australian Water Accounting Standard 1 explains how to prepare and present a general purpose water accounting report. It sets out requirements for the recognition, quantification, presentation and disclosure of items in such a report.
The document also includes three appendices:
- a list of defined terms;
- implementation guidance; and
- a basis for conclusions, which outlines the discussions and assumptions that informed decisions made during its preparation.
A suite of illustrative water accounting reports was compiled to demonstrate the presentation and disclosure requirements of the standard. These illustrate many of the principles in the standard, but are not a comprehensive checklist of requirements.
Australian Water Accounting Standard 2
If a general purpose water accounting report has undergone assurance it will improve users' confidence in evaluating water allocation and management decisions.
Australian Water Accounting Standard 2 establishes the requirements for assurance engagements. It provides application and other explanatory material regarding the assurance practitioner's responsibilities when accepting, conducting and reporting on a general purpose water accounting report.
This standard was issued as ASAE 3610 / AWAS 2 by the Auditing and Assurance Standards Board together with the Water Accounting Standards Board, as part of the Bureau of Meteorology's water accounting function.