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 working with the water industry to develop consistent standards for water accounting. We are an independent advisory board to the Bureau of Meteorology.
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).
ED AWAS 2 released
The Auditing and Assurance Standards Board and the WASB have released the Proposed Standard on Assurance Engagements ASAE 3xxx/Australian Water Accounting Standard AWAS 2: Assurance Engagements on General Purpose Water Accounting Reports (EDAWAS 2) for public comment. The proposed standard establishes requirements relating to assurance engagements of this type and provides application and other explanatory material regarding an assurance practitioner’s responsibilities when accepting, conduction and reporting on an engagement to provide reasonable or limited assurance on a general purpose water accounting report.
The Australian Water Accounting Standard 1 (AWAS 1)
The Bureau of Meteorology has released the Australian Water Accounting Standard 1 (AWAS 1). AWAS 1 prescribes how to prepare and present a General Purpose Water Accounting Report (GPWAR).
AWAS 1 includes 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.
As part of the Standard development process, WASB undertook an effect analysis to ascertain, to the extent practicable, the costs and benefits of adopting AWAS 1.
To build on the development of Australian Water Accounting Standards (AWAS), WASB analysed a number of GPWAR to provide an effective method for reading and interpreting the information contained in these reports. Such analysis will enhance the use of water information as the adoption of AWAS 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)