Holmes Institute HI5025 Memo 03 â€“ Semester 01, 2014
In 2010, the Water Accounting Standards Board (WASB), an independent advisory Board to
the Australian Bureau of Meteorology, issued The Exposure Draft of Australian Water
Accounting Standard 1: Preparation and Presentation of General Purpose Water Accounting
Reports (ED AWAS 1) and asked for comments from accounting practitioners, industry, and/or
industry peak bodies.
There is great concern that proposals in the ED AWAS 1 will significantly affect how major
users of water resources report their water usage and may result in the need to result in new
types of assets, liabilities, and expenses.
1) Go to http://www.bom.gov.au/water/standards/documents/ed_awas1_v1.0.pdf and
download the WASB ED AWAS 1,
2) Read the downloaded document, and
3) Write a memo to Mr Petre Pan the President of (Mountain Goat Beer Pty Ltd (at the
Corner North & Clark Streets, Richmond Victoria 3121) that summarizes the above
report and lists and discusses any issues that it raises that could significantly affect
the Micro-brewery and its financial reporting (e.g. taxes and new accounting