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Written question asked by Lord Freyberg (Crossbench) on Tuesday, 9 October 2018, in the House of Lords. It was due for an answer on Tuesday, 23 October 2018. It was answered by Lord Bates (Conservative) on Tuesday, 23 October 2018 on behalf of the Treasury.

Government Departments: Databases

Question

To ask Her Majesty's Government whether there is an internationally accepted methodology for valuing raw data assets on government balance sheets; and if not, what consideration they have given to developing one with international partners.

Answer

The UK follows standards as set by the International Accounting Standards Board (IASB), which is an internationally recognised standard setter. The UK Government applies International Financial Reporting Standards (IFRS) as adapted and interpreted for the public sector. 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.

Under this standard, raw data would be unlikely to meet the definition of a recognisable asset. The government is unlikely to diverge from IFRS accounting standards in the Whole of Government Accounts

Secondary information

Type
Written question
Reference
HL10479
Session
2017-19
Subjects
Databases Accountancy Government departments
Link
View this Written question on www.parliament.uk