IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT (IJEFM )

E-ISSN 2545-5966
P-ISSN 2695-1932
VOL. 8 NO. 3 2023
DOI: https://doi.org/10.56201/ijefm.v8.no3.2023.pg54.72

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Critical Examination of the Scope and Methodology of Water Resources Economics, Accounting and Auditing

EFUNTADE, Olubunmi Omotayo, PhD. EFUNTADE, Alani Olusegun, FCIB, FCA

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Abstract

The paper is central on accounting for water use and productivity water to improve water savings from accountability to sustainability. It critically examination of the scope and methodology of water resources economics, accounting and auditing. This paper presents a conceptual framework for water accounting and provides generic terminologies and procedures to describe the status of water resource use and consequences of water resources related actions. The exploratory study involves Water resources economics, water scarcity in economic theory, water accounting frameworks, water accounts, water consumption and water use, water valuation, water accounting and ‘water budgets’, water balance approach, water accounting plus (Wa+) and water accounting using remote sensing. Water accounting is a method of organising and presenting information relating to the physical volumes of water in the environment and economy as well as the economic aspects of water supply and use. The framework applies to water resource use at three levels of analysis: a use level such as an irrigated field or household, a service level such as an irrigation or water supply system, and a water basin level that may include several uses. An increase in water demands, exacerbated by climate change and the tightening of environmental requirements, leads to a reduction in available water resources for economic uses. This situation poses challenges for water resource planning and management. Water accounting has emerged as an appropriate tool to improve transparency and control in water management. There are multiple water accounting approaches, but they generally involve a very exhaustive list of accounted concepts.

keywords:

Water resources economics, water scarcity in economic theory, water accounting frameworks, water accounts, water consumption and water use, water valuation, water accounting and ‘water budgets’, wat

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