States of Jersey Accounting Standards: 2024

Information about the publication of Ministerial Decisions

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision
providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 21 February 2025:

Decision Reference: MD-TR-2025-137		Public
Subject: Presentation of the States of Jersey Accounting Standards 2024
Report Title: States of Jersey Accounting Standards 2024		Public
Decision(s): The Minister decided to: • adopt a new version of the Jersey Financial Reporting Manual (JFReM) which sets the GAAP-based accounting standards to be adopted in preparation of the States of Jersey Annual Report and Accounts 2024; and • present the JFReM to the States.
Reason for Decision(s): Following the Accounting Standards policy set in MD-2015-0134, the JFReM has been updated in line with the equivalent UK FReM for the year ended March 2024, to implement GAAP-based accounting in the States of Jersey, and to ensure that the accounting standards that are applied are maintained appropriately. The Public Finances Manual includes the following: The Jersey Financial Reporting Manual sets out the accounting standards to be adopted in the preparation of the States of Jersey Financial Statements. It is based on the UK Treasury Financial Reporting Manual, adapted for States of Jersey-specific situations. The accounting policies contained in the Jersey Financial Reporting Manual apply UK endorsed International Financial Reporting Standards as adapted or interpreted for the Public Sector in Jersey. The Jersey Financial Reporting Manual is published by the Minister for Treasury and Resources and presented to the States each year. The relevant annual update of this can be found in the Report section of the States Assembly website.
Resource Implications: None.
Action Required: The Greffier of the States to be requested to arrange for the revised JFReM to be presented to the States for their information at the earliest opportunity.
Signature:	Signed By: Minister for Treasury and Resources
Date Signed:	Date of Decision (If different from Date Signed):