Question to the HM Treasury:

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.

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.