A consistent approach to planning and reporting obviously didn't happen overnight. As I think you've heard from previous witnesses who appeared before this committee, it took almost a decade to prepare for and implement a full accrual accounting system in Ontario. Through that period, the government sought advice and consulted broadly to ensure an effective transition. It also meant focused work in terms of building capacity, training, and systems changes.
In the end, though, we believe this method of accounting is essential for transparency and accountability. It provides legislators with improved information and better understanding of the cost of programs, while allowing for a rigorous budget monitoring process. It ensures comparability between financial reports and it helps to better plan capital asset requirements.
Moving to accrual accounting was not without difficulties. I think you've already also heard about that. The additional complexity of accrual accounting posed challenges for operations and public understanding during the transition.
Today Ontario is considered a leader in financial reporting practices, so in our view it was well worth it. The C.D. Howe Institute consistently recognizes Ontario as one of the leading jurisdictions in Canada when it comes to fiscal transparency and accountability. Consistency in accounting is important for clear decision-making and understanding the long-term impacts of current policies on public finances.
We acknowledge this is an ongoing journey. Accountability and transparency is not an end state; it's something we are always looking to build on and improve to respond to the demands and requirements of the public and the legislature.
With that, I will conclude. We are happy to take any questions from committee members.