Question to the HM Treasury:

To ask Her Majesty's Government whether for accounting purposes they treat intellectual property generated by public bodies in the same way as other EU Member States.

The UK follows standards as set by the International Accounting Standards Board (IASB). The UK Government applies International Financial Reporting Standards (IFRS) as adapted and interpreted for the public sector. EU Member States may also apply IFRS, International Public Sector Accounting Standards (IPSAS) or prepare their accounts on a cash basis. There are no material differences in the standards issued by IASB (IAS 38) and IPSASB (IPSAS 31) on the accounting treatment of intellectual property.