Holmes Institute HI5025 Memo 03 – Semester 01, 2014
Background:
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.
Required:
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
obligations).