What are the differences between water report entities and (financial) reporting entities?
Both water report entities and (financial) reporting entities are entities about which users rely on general-purpose reports for decision-making. the legal organisation or person who prepares a GPWAR may be different to the water report entity for which users need information for decision making. The definition of water report entities is set out in the WACF. The definition of (financial) reporting entities is set out in International Accounting Standards Committee (IASC) Framework for the Preparation and Presentation of Financial Statements (paragraph 8). The Corporations Act (2001) prescribes specific financial reporting obligations for Australian companies.
