Water Accounting Conceptual Framework (WACF)

The goals of water accounting are to assist in meeting the information needs of users in making water related decisions, and to instil public and investor confidence in the amount of water being traded, extracted for consumptive use and recovered and managed for environmental and other public benefit outcomes. 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 (WACF). The primary purpose of the WACF is to guide the development of Australian Water Accounting Standards (AWAS) to ensure they remain cohesive and integrated. However, preparers can draw on the WACF for principle based guidance in assisting the preparation and presentation of general purpose water accounting reports where the AWAS are not sufficient for their requirements. The WACF has been used to develop the Preliminary Australian Water Accounting Standard (PAWAS) which will undergo a practical test through the Methods for the Pilot National Water Account.

The WACF comprises a Preface and eight Statements of Water Accounting Concepts (SWACs). It has been written in consultation with water industry experts, financial accountants, and financial accounting standard setters.

The WACF has been published for public comment. The Water Accounting Standards Board (WASB) invites feedback on the practical application of the existing WACF document. This feedback will be taken into account when the WACF is formally reviewed following the publication of the first National Water Account at the end of 2010.

Comments in relation to the WACF will be made available to the public at the end of 2010 for the purpose of reviewing the WACF unless the respondents request confidentiality. Requests for confidentiality will not be granted unless supported by good reason, such as commercial confidence. Names and addresses will not be made available.

Copyright in this material resides with the Commonwealth of Australia.

Email feedback to: wasbofeedback@bom.gov.au If you have any questions relating to water accounting and WASB, please see Frequently Asked Questions or email your additional question to wasbo@bom.gov.au

To read the WACF as a single document, download it here.

Or read the individual sections:

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