Developing national water accounting
Project details
| Objective: | To improve the knowledge and understanding of Australia's water resources |
| Funding: | up to $5 million plus applicable GST from the Australian Government towards costs associated with supporting the work program. State and territory governments will be expected to contribute an estimated $5 million in further in-kind funding. The total value of the project is up to $10 million. |
| Jurisdiction: | National |
| Commenced: | March 2007 |
| Completed: | December 2010 |
Progress
About the project
This project enabled work to develop the water accounting model for national adoption, through the development and pilot of new Australian Water Accounting Standards (AWAS).
Project benefits
The implementation of the National Water Accounting Model will be a major step in parties achieving the NWI outcomes for Water Resource Accounting, namely, to ensure that adequate measurement, monitoring and reporting systems are in place in all jurisdictions, to support 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. In particular, the implementation of the National Water Accounting Model will deliver NWI commitments to develop national arrangements for consolidated water accounts, environmental water accounting, and reporting.
Progress
The Water Accounting Standards Board - consisting of experts in accounting, water resource management, and related fields - has delivered:
- the Water Accounting Conceptual Framework (WACF) for General Purpose Water Accounting Reports (GPWAR) - May 2009
- the Preliminary Australian Water Accounting Standard (PAWAS) - May 2009
- the Exposure Draft of Australian Water Accounting Standard 1 (ED AWAS 1) - October 2010