States of Jersey Accounting Standards

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A decision made 17 October 2010 regarding: States of Jersey Accounting Standards.

Decision Reference: MD-TR-2010-0147
Decision Summary Title:	States of Jersey Accounting Standards		Date of Decision Summary:	6th October 2010
Decision Summary Author:	Head of Financial Accounting and Control		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Agreement of Order – Accounting standards to be adopted for the States of Jersey’s Annual Financial Statement		Date of Written Report:	6th October 2010
Written Report Author:	Head of Financial Accounting and Control		Written Report : Public or Exempt?	Public
Subject: States of Jersey Accounting Standards.
Decision(s): The Minister decided to adopt the Accounting Standards Policy (appendix 1 in the attached report). The Minister made the Public Finances (Accounting Standards) (Jersey) Order 2010 adopting 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. The Minister decided to approve the list of Accounting Officers excepted from the definition of Directors as set out in section 6.3.19 of the JFReM (appendix 3 in the attached report).
Reason(s) for Decision: A Strategic Objective in the States Strategic Plan 2009 to 2014 is to ‘Deliver clear and informative accounts in line with recommended commercial practice (GAAP) to ensure that financial and business planning decisions can be based on full costs and achieve best value’. Following a public consultation on the GAAP-based accounting standards to be implemented in the States of Jersey, the Minister has prepared a policy requiring the States of Jersey accounts to be based on UK GAAP as detailed in the JFReM. The 2010 States of Jersey financial statements will be the first to be prepared under GAAP. The 2009 financial statements will be prepared on the existing basis, but will include significant GAAP-based disclosures. To set by Order the revised Accounting policies and standards to be followed by the States in the production of the States of Jersey Accounts, in order to formalise the introduction of a GAAP-based accounting regime, and to satisfy the requirements of The Public Finances (Jersey) Law 2005.
Resource Implications: None.
Action required: Business Manager to forward the signed and sealed Order to the Greffier of the States without delay for subsequent presentation to the States Assembly.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision: