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Jersey Financial Reporting Manual: Revised

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 18 April 2024:

Decision Reference:  MD-TR-2024-306

Public

Subject: Revision of States of Jersey Accounting Standards

 

Report Title: States of Jersey Accounting Standards

Public

Decision(s):

The Minister decided to:   • make a revision to the Jersey Financial Reporting Manual (JFReM) previously published as R.50/2024;   • present the revised JFReM to the States.

Reason for Decision(s):

Following the Accounting Standards policy set in MD-2015-0134, the JFReM was updated and published as R.50/2024 in line with the the equivalent UK FReM for the year ended March 2023, to implement GAAP-based accounting in the States of Jersey, and to ensure that the accounting standards that are applied are maintained appropriately.   Officers have identified a further revision necessary to the JFReM, which the Minister has approved. This change is to paragraph 4.3.3. regarding the Common Investment Fund. The new bullet points reads as follows:   “The operation of the Common Investment Fund (the ‘CIF’) as a State administrated investment pooling arrangement is under the direct control of the States. Units in the CIF attributable to the States of Jersey are recognised at Fair Value through profit or loss (FVTPL). The Net Asset Value (NAV) of the CIF pools determines the Fair Value of Units.”    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 Assembly for information at the earliest opportunity.

Signature:

 

 

Signed By: Minister for Treasury and Resources

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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