So Gary, could you talk us through how the committee actually worked through this particular submission?

Sure.

So there were, there were really two questions.

I think the first was, um, is a measure like this even a subtotal of income and expenses to begin with? Um, and I think there, there was a little bit of discussion, but ultimately, I think the committee agreed that the definition of an MPM doesn't put any restrictions on how the entity calculates this subtotal, so it is still a subtotal of income and expenses, even if some of the adjustments, um, are hypothetical.

So yes, a subtotal of income and expenses can meet the definition of MPM if the adjustments are hypothetical.

And the second, more interesting question was, and, and the COVID example is a good one to really bring this to life, is what is faithful representation? Does a measure like my, my COVID example have to faithfully represent an aspect of the performance before it can be an MPM? And I think there, um, what's really important is that an MPM doesn't need to be a good or a bad measure of performance in order to provide faithful representation.

I think where the, where the staff and where the committee ultimately got to is, as long as it purports what management says it's purporting, it is a faithful representation of that management-defined performance measure.

So Gary, with that build up, where did the committee get to on this?