Holmes Institute HI5025 Memo 03 – Semester 01, 2014 Background: In 2010, th

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).

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