Mr. William Beausang:

The UK's experience gave us pause for thought. It is probably one of the countries which has had the longest and most intense experience of making changes in its approach to financial reporting. Even where it reports on progress itself, it is not claiming to have realised all the benefits. When one looks at Europe, countries such as Germany, the Netherlands, and Norway have decided they will not move to accrual accounting. Alongside that, they are making every effort to improve the transparency of their fiscal reporting. As we look at our options, we have the choice between moving to accrual accounting or, if Government decides to stick to cash accounting, that we engage with and address the weaknesses that can give rise to in fiscal reporting in areas such as liabilities and so on, as the Deputy raised.