BFA715 - Accounting Perspectives and Research - Water Council Conceptual Framework  - Accounting Assignment Help

Assignment Task :

Task Description(BFA715)

Undertaken individually for this assessment you will be required to explore questions identified from issues embracing accounting, accounting theory and associated with practical accounting implications. Evidence of research within the literature will be required. A report on responses to the questions will be required to be loaded to MyLO and made available to all class members

 1) “Water Accounting, the application of formal accounting procedures to water resources offers the prospect of improved reporting on the status of water resources, as well as more informed decision-making for a wide variety of stakeholders”  (p.1 Hanley)

2). Water Council Conceptual Framework 

a) The Council of Australian Governments’ National Water Initiative (NWI, 2004, para.80) requires the development of water resource accounting to ensure that ‘adequate measurement, monitoring and reporting systems are in place in all jurisdictions, to support public and investor confidence in the amount of water being traded, extracted for consumptive use, and recovered and managed for environmental and other public benefit outcomes.’

b) Consistent with the NWI, the purpose of this Water Accounting Conceptual Framework for the Preparation and Presentation of General Purpose Water Accounting Reports is to underpin the development of water accounting as a robust discipline.  More specifically, this Water  Accounting Conceptual Framework underpins the development of Australian Water Accounting Standards which guide the preparation and presentation of general purpose water accounting reports. General purpose water accounting reports are designed to inform users about how water has been sourced, managed, shared and utilised during the reporting period and to enhance public and  investor confidence in the amount of water available, allocated, traded, extracted for consumptive use  and recovered and managed for environmental and other public benefit outcomes.

c) Similar to the  way general purpose financial reports assist financial and  business decision making, general purpose water accounting reports provide information that is relevant, reliable, comparable and understandable. While general purpose financial reports provide financial information for economic decision making, general purpose water accounting reports provide information useful to users for making and evaluating decisions about the allocation of resources.

In point form:

What is the objective(s) of general purpose water accounting reports?

1. How would you identify a water ‘reporting entity’?

2. What qualitative characteristics are expected to be present in GPWRs?

3. What are and how would you recognise the ‘elements’ of GPWRs?

4. How are these GPWRs quantified?

5. Is disclosure important?  If it is why do you think this is the case?

6. Do you believe assurance of GPWRs is important?  Why or why not.

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