What is the difference between the Water Accounting Conceptual Framework (WACF) and Australian Water Accounting Standards (AWASs)?
The WACF provides the conceptual framework for water accounting. Their primary purpose is to assist with the development of AWASs and ensure that the AWASs are consistent and logical. AWASs will provide detailed requirements for the preparation and presentation of General Purpose Water Accounting Reports, and are therefore the primary source of guidance for report preparers. However, on occasion report preparers may encounter circumstances where the accounting treatment and/or disclosure is not prescribed by AWASs. In such circumstances the principles set out in the SWACs provide guidance. Further detail on the role of the SWACs is provided in the Preface to the Water Accounting Conceptual Framework for the Preparation and Presentation of General Purpose Water Accounting Reports. Paragraph 5 states that the SWACs are intended to: assist water accounting standard setters to develop future Australian Water Accounting Standards consistent with the framework and to review existing Australi
