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Accounting Standards to be Adopted for the States of Jersey's Annual Financial Statements 2020

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

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A decision made on 18 December 2020

Decision Reference:  MD-TR-2020-0164

Decision Summary Title:

States of Jersey Accounting Standards

Date of Decision Summary:

18th December 2020

Decision Summary Author:

Head of Group Reporting

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Adoption of Accounting Standards 2020

Date of Written Report:

18th December 2020

Written Report Author:

Head of Group Reporting

Written Report :

Public or Exempt?

Public

Subject:

The adoption of States of Jersey Accounting Standards for the Annual Report and Accounts 2020.

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 2020;

 adopt the Treasury and Exchequer Accounting Policy (Appendix 1 in the attached report);

 present the JFReM to the States.

Reason(s) for Decision:  

 

Following the Accounting Standards policy set in MD-2015-0134, the JFReM has been updated in line with the the equivalent UK FReM for the year ended March 2020, 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:

None.

 

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:

Deputy Susie Pinel

Minister for Treasury and Resources   

Date Signed:

Date of Decision:

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