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

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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 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: