What are the differences between black letter and grey letter text in Australian Water Accounting Standards and Statements of Water Accounting Concepts?
Black letter (bold) paragraphs contain the main principles of the AWASs and SWACs. Compliance with these paragraphs will be mandatory. Grey letter paragraphs provide illustrative guidance on the application of those principles and are explanatory rather than mandatory. They are intended to assist preparers with the interpretation of the black letter paragraphs and contain elaboration on key principles, examples and references to other relevant standards.
