Annual Report 2012 - the Jersey Financial Services Commission

STATEMENT OF COMMISSIONERS’ RESPONSIBILITIESThe Commissioners are responsible for preparing the financial statements in accordance with applicable lawand regulations.The Financial Services Commission (Jersey) Law 1998 requires the Commissioners to prepare financial statementsfor each financial year. Under that law the Commissioners have elected to prepare the financial statements inaccordance with United Kingdom Generally Accepted Accounting Practice (being United Kingdom accountingstandards and other accounting principles generally accepted in the United Kingdom).The financial statements are required to give a true and fair view of the state of affairs of the Commission and of thesurplus or deficit of the Commission for that year. In preparing these financial statements the Commissioners arerequired to:• select suitable accounting policies and then apply them consistently;• make judgements and estimates that are reasonable and prudent; and• prepare the financial statements on the going concern basis unless it is inappropriate to presume that theCommission will continue in business.The Commissioners are responsible for keeping proper accounts and proper records in relation to the accounts.They are also responsible for safeguarding the assets of the Commission and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities.The Commissioners are responsible for the maintenance and integrity of the financial information included on theCommission’s website. Legislation in Jersey governing the preparation and dissemination of the financial statementsand other information included in Annual Reports may differ from such legislation in other jurisdictions.For and on behalf of the Board of CommissionersC F RenaultCommission Secretary3 June 2013PO Box 26714-18 Castle StreetSt HelierJerseyChannel IslandsJE4 8TP32 | ANNUAL REPORT 2012