What are the differences between water reporting entities and reporting entities (as per financial accounting standards)?
Both water reporting entities and (financial) reporting entities are those entities for which users rely on general purpose reports for decision-making. However, these entities may not be consistent, as the users and their information needs may differ. The definition of water reporting entities is set out in SWAC 1, while the definition of (financial) reporting entities is set out in International Accounting Standards Committee (IASC) Framework for the Preparation and Presentation of Financial Statements (para. 8). Specific financial reporting obligations for Australian companies are prescribed in the Corporations Act (2001).
