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Written question asked by Lord Freyberg (Crossbench) on Wednesday, 10 October 2018, in the House of Lords. It was due for an answer on Wednesday, 24 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 what assessment they have made of the extent to which their methodology for valuing raw data assets on government balance sheets differs from private sector practices.

Answer

The UK Government follows standards as set by the International Accounting Standards Board (IASB), which are the same standards used by the majority of private sector bodies (for more information please see the Companies Act 2006). Raw data is 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.

Secondary information

Type
Written question
Reference
HL10538
Session
2017-19
Subjects
Databases Accountancy Government departments
Link
View this Written question on www.parliament.uk