Contingent Liabilities

House of Lords written question – answered on 10th January 2011.

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Photo of Lord Ashcroft Lord Ashcroft Conservative

To ask Her Majesty's Government, further to the Written Answer by Lord Howell of Guildford on 14 December (WA 175), whether they will place in the Library of the House any legal or accounting advice they have received on the definition of a "contingent liability".

Photo of Lord Howell of Guildford Lord Howell of Guildford Minister of State (Foreign and Commonwealth Office) (International Energy Policy)

Accounting advice on contingent liabilities for the whole UK Government are provided by HM Treasury's Government Financial Reporting Manual; these are the rules departments must follow in notifying contingent liabilities to Parliament. Specific commentary and advice on the UK's contingent liabilities relating to the overseas territories is available from the 2007 National Audit Office report Managing Risk in the Overseas Territories. Both are already publicly available.

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