In the past decade, there has been no issue more important to Australia or the world than the sourcing, protection and distribution of water. Even post-drought, water management and governance remain highly charged emotional and political issues in Australia. They are even more contentious internationally, where trans-border flows create property rights issues ranging from agricultural, environmental, health and economic sustainability to sustainability of life. Emanating from the International Agreement on a National Water Initiative, in a world first, Australia will publish a water accounting standard to ensure consistency across entities and time in the reporting of water and rights to water. As a leader in this process, Professor Godfrey explores the development of a new discipline: water accounting, and its significance to public policy, water management and world peace. Professor Jayne Godfrey is Dean of the College of Business and Economics at The Australian National University. For her service to Australian society through business leadership, Professor Godfrey was awarded Australia's Centenary Medal, and she is a past Telstra Businesswoman of the Year. Professor Godfrey is a member of the Australian Accounting Standards Board, the national Water Accounting Standards Board, the Sir Roland Wilson Foundation Board, and a Trustee of the Committee for Economic Development of Australia. She is a former national President of the Accounting Association of Australia and New Zealand and has held senior roles within the Institute of Chartered Accountants and on State and National policy bodies. In recent years, Professor Godfrey has become a passionate advocate of water accounting at national and international levels, for reasons that will be explained in this public lecture.