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Government Departments: Databases

Answer

The UK follows standards as set by the International Accounting Standards Board (IASB). Data sets are an intangible asset and would therefore be covered by IAS 38 Intangible Assets. The UK government follows IAS 38 as adapted for the public sector. The Government Financial Reporting Manual 2018-19 sets out these interpretations and adaptations. The latest available publication of Whole of Government Accounts 2016-17 reports government’s intangible assets as totalling £34.5 billion at 31 March 2017. HM Treasury does not collect information on the value of data sets within this total or where they are held. The accounting policy used by the Whole of Government Accounts in recognising intangible assets is as follows (per page 82 of the 2016-17 accounts): “Intangible assets are recognised if it is probable that they will result in future economic benefits to the government and if their cost can be measured reliably. Intangible assets are initially recognised at cost and subsequently valued based on current value in existing use. Where no active market exists, intangible assets are revalued using indices or another suitable model.”

Secondary information

Type

Written question

Reference

HL10476

Session

2017-19

Subjects

Databases Accountancy Government departments

Link

View this Written question on www.parliament.uk