IN JUNE, the States accounts will include a balance sheet for the first time.

Treasury minister Charles Parkinson made updating the States accounting practices a priority when he was appointed to the position after the general election in May 2008, stating ‘they’re just not fit for purpose’.

It would appear progress has now been made.

‘This will not be a complete balance sheet – it will not include fixed assets or the liabilities of the staff pension scheme – but it will be a step along the road to more meaningful accounts,’ said Deputy Parkinson (pictured).

The presentational changes will also make the accounts more readable, according to Deputy Parkinson, who in May last year claimed the way the Jersey States produced its accounts made it far easier for people to understand.

‘What we are proposing is that by the end of this term of office the accounting processes of the States should be brought up to International Financial Reporting Standards.’

And although the financial practices behind how the numbers in the accounts are calculated have yet to change, Deputy Parkinson believes the envisaged changes will eventually lead to efficiency savings in the States as a whole.