What are General Purpose Water Accounting Reports (GPWARs)?
Through an extensive pilot program and consultation process, the Water Accounting Development Committee has recommended that GPWARs will comprise: a Statement of Water Assets and Water Liabilities a Statement of Changes in Water Assets and Water Liabilities; a Statement of Physical Water Flows; a Contextual Statement; an Accountability Statement; and an Assurance Statement. An important aspect of GPWARs is that they will be prepared on both a “physical flow” and “accrual” basis. The physical flow report (Statement of Physical Water Flows) will report the flows that have actually occurred over the reporting period. In contrast, the ‘accrual’ reports (Statement of Water Assets and Water Liabilities and the Statement of Changes in Water Assets and Water Liabilities) adjusts for future outflows or inflows currently attributable to the entity. For example, when an allocation announcement is made, the water reporting entity recognises the volume of water allocation as an outflow at the annou
