This code tells water businesses how to prepare and send us information on their actual financial performance.
Regulatory Accounting Code for Victorian Water Businesses
The information collected under the code allows us to monitor the financial performance of each water business during the regulatory period. It also gives us a basis for assessing expenditure and revenue forecasts, which we use to approve water, sewerage and related services in our water price reviews.
We have included a reporting template that water businesses can use when they prepare their financial performance submissions.
The code sets out obligations on water businesses regarding:
- the submission of certain financial information to us
- the preparation of regulatory accounting statements in the regulatory accounting templates
- specified principles for the preparation of regulatory accounts
- review and adjustment of regulatory accounts.
Following the review of 2006-07 regulatory accounts, we extensively reviewed the code and the regulatory accounting statements. This was prompted by a number of issues that were identified during the review process and scope for improving the timeliness of the review process itself.