What, if anything, is the difference between water accounting and water reporting?
The terms ‘water accounting’ and ‘water reporting’ are often used interchangeably. Technically, however, water accounting refers to the provision of GPWARs – i.e. the information required to be prepared in accordance with AWASs and the WACF. As noted above, this information comprises 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. A report issued by a water reporting entity might also include supplementary information to the accounts in order to further inform users regarding the operations of the entity. Such information might include projections, estimates or other disclosures which management considers useful but which fall outside the scope of GPWARs.
