Well, as I mentioned earlier, we live in both worlds--both the accounting world and the parliamentary vote world. The accounting world talks about the generally accepted accounting principles on a full accrual basis. The parliamentary vote talks about the modified accrual basis, which has been modified by the PAYE policy; it asks the government to record transactions that have not been paid for at March 31, subject to certain criteria. Subsection 37.1(1) makes reference to the word “debt”, not “liability”. They make reference to the word “debt”. I don't like it, but that's the way the law is written.
On May 30th, 2006. See this statement in context.