My thanks to all of the witnesses for coming yet again to help us through the minefield of accrual accounting.
I want to begin with Mr. Moloney and ask a question so that I am really clear about your presentation.
I understand that the explanation of accrual accounting seems to be clearest with the purchase of tangible assets. But if the government decides to spend money by investing in some national training program, apprenticeship program, or pharmacare program, some program where the expense is not on a capital asset but rather on a service, I assume one could argue that while it's not the asset one would have with a tangible physical structure, there is an asset in terms of the development of society or a service or benefit offered. Would the actual accounting for that be similar to the model you've shown, or are there significant differences under this system?