Submission on water accounting

The Joint Accounting Bodies (JAB) have lodged their submission (PDF) to the Water Accounting Standards Board (WASB) on its exposure draft of Australian Water Accounting Standard 1: Preparation and Presentation of General Purpose Water Accounting Reports and Associated Model Reports. This ED was released in November 2010 and sets out proposed guidance on the form and content of a general purpose report for water volumes and values, building on the Water Accounting Conceptual Framework approved by the WASB in 2009.

The submission was generally supportive of both the definitions and information proposed by the ED as a basis for preparing and presenting these reports. However, it did express concern that the definition of a water asset did not include an explicit mention of the concept of ‘control’.

Article last updated 29 July 2011