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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

States of Jersey Accounting Standards adoption for the Annual Financial Statement 2015

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.

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  • 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

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A decision made 21 December 2015:

Decision Reference:  MD-TR-2015-0134

Decision Summary Title:

States of Jersey Accounting Standards

Date of Decision Summary:

14th December 2015

Decision Summary Author:

Financial Accountant

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Accounting standards to be adopted for the States of Jersey’s Annual Financial Statement 2015

Date of Written Report:

14th December 2015

Written Report Author:

Financial Accountant

Written Report :

Public or Exempt?

Public

Subject:

The adoption of States of Jersey Accounting Standards for the Annual Financial Statement 2015.

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 the preparation of the States of Jersey Financial Statements 2015.
  • to adopt the Treasury and Resources Accounting Policy (Appendix 1 in the attached report).
  • to approve the list of Accounting Officers exempted from the definition of Directors as set out in section 5.3.3 of the JFReM (Appendix 2 in the attached report).
  • to present the JFReM to the States.

Reason(s) for Decision: 

Following the Accounting Standards policy set in MD-TR-2014-0146, the JFReM has been updated in line with the the equivalent UK FReM for the year ended March 2014, to implement GAAP-based accounting in the States of Jersey and to ensure that the accounting standards that are applied are maintained appropriately.

 

Resource Implications:

There are no financial or manpower implications.

Action required:

The Greffier of the States to be requested to arrange for the JFReM to be presented to the States for their information at the earliest opportunity.

Signature:

Position: Senator A J H Maclean,

Minister for Treasury and Resources

 

                 

Date Signed:

Date of Decision:

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