To ask the Chancellor of the Exchequer what the timescale is for ensuring that private finance initiative and private public partnership liabilities will henceforth be recorded as Government liabilities.
Budget 2008 announced that from 2009-10 the annual accounts of Government Departments would be prepared using International Financial Reporting Standards (IFRS) adapted as necessary for the public sector.
The accounting guidance in relation to private finance initiative and public private partnership (PPP) under IFRS is being finalised. The Treasury is working with the Financial Reporting Advisory Board to include the guidance in the IFRS based Government Financial Reporting Manual. It will form the basis for determining the appropriate balance sheet treatment of all PFI and PPP liabilities.