Section 50: Accrual-basis accounting.

(1) An accrual-basis taxpayer shall take income and deductions into account when payable.(2) Subject to this Act, an amount is payable to the taxpayer when the taxpayer becomes entitled to receive it, even if the time for discharge of the entitlement is postponed or the entitlement is payable by instalments. (3) Subject to this Act, an amount is treated as payable by the taxpayer when all the events that determine liability have occurred and the amount of the liability can be determined with reasonable accuracy, but not before economic performance with respect to the amount occurs. (4) For the purposes of subsection (3), economic performance occurs— a) with respect to the acquisitions of services or property, at the time the service or property is provided; b) with respect to the use of property, at the time the property is used; or c) in any other case, at the time the taxpayer makes payment in satisfaction of the liability.