Public Finances (Accounting Standards) (No. 2) (Jersey) Order 2012

Information about the publication of Ministerial Decisions

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 10 December 2012:

Decision Reference: MD-TR-2012-0103
Decision Summary Title:	States of Jersey Accounting Standards		Date of Decision Summary:	27 November 2012
Decision Summary Author:	Director Financial Planning and Performance		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:	27 November 2012
Written Report Author:	Manager - 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 decided to make the Public Finances (Accounting Standards) (No. 2) (Jersey) Order 2012 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 4.3.3 of the JFReM (Appendix 2 in the attached report).
Reason(s) for Decision: Following the Accounting Standards policy set in MD-2012-0020, the JFReM has been updated in line with the the equivalent UK FReM for the year ended March 2011. 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, 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 States Greffe 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:

Public Finances (Accounting Standards) (No. 2) (Jersey) Order 2012

Jersey Crest

Public Finances (Accounting Standards) (No. 2) (Jersey) Order 201-

Explanatory Note

Under Article 32 of the Public Finances (Jersey) Law 2005, the Treasurer of the States must prepare an annual financial statement in accordance with generally accepted accounting principles as supplemented and adapted by accounting standards prescribed by Order. This Order prescribes those standards for the annual financial statement for 2012 (and ensuing years if the Order is not replaced). The standards are to be found in a new edition of the States of Jersey Financial Reporting Manual, set out in the Schedule to the Order. The Order revokes the Public Finances (Accounting Standards) (Jersey) Order 2012, which therefore applied only to the annual financial statement for 2011.

File No 447/9

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Public Finances (Accounting Standards) (No. 2) (Jersey) Order 201-

Arrangement

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Public Finances (Accounting Standards) (No. 2) (Jersey) Order 201-

Arrangement

Article

1 Accounting standards to be used by the Treasurer

2 Revocation

3 Citation and commencement

SCHEDULE

States of Jersey Financial Reporting Manual

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Public Finances (Accounting Standards) (No. 2) (Jersey) Order 201-

Made [date to be inserted]

Coming into force [date to be inserted]

THE MINISTER FOR TREASURY AND RESOURCES, in pursuance of Article 32(2)(b) of the Public Finances (Jersey) Law 2005, orders as follows –

1 Accounting standards to be used by the Treasurer

(1) Paragraph (2) applies, for the purpose of Article 32(2)(b) of the Public Finances (Jersey) Law 2005, in relation to the preparation by the Treasurer of the annual financial statements for 2012 and ensuing years.

(2) The prescribed accounting standards are those of the standards set out in the manual contained in the Schedule that supplement or adapt generally accepted accounting principles for the purpose of the preparation of annual financial statements.

2 Revocation

The Public Finances (Accounting Standards) (Jersey) Order 2012 is revoked.

3 Citation and commencement

This Order may be cited as the Public Finances (Accounting Standards) (No. 2) (Jersey) Order 201- and comes into force forthwith.