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The way the States of Guernsey accounts are presented has changed this year - ahead of further changes next year to ensure they are fully compliant with International Public Sector Accounting Standards.
Published today, the 2023 States Accounts show the island has an operating surplus of £10million and a net surplus of £63m when all assets and investments are taken into account.
Deputy Heidi Soulsby said that means we're "balancing the books" but the wider picture still shows a need for further capital investment and changes to the island's health and social care model.
Pictured: Read more about the 2023 States Accounts HERE.
The Policy and Resources Vice President also explained that the island's accounts are moving to be IPSAS compliant - which is something she's wanted to see for many years.
The new look of the accounts means there is more information publicly available in one place than previously, but it doesn't change the accuracy of the accounts or the overall figures.
"This year is the penultimate year that we move fully to be IPSAS complaint," she explained. "That's international public sector accounting standards. It's a phased approach, and quite complicated."
Some of the changes mean the 2023 accounts now include fixed assets which would ordinarily have not previously been included - future changes will see more assets including heritage sites such as bunkers and statues included from next year onwards.
"We have to value fixed assets," said Deputy Soulsby. "We have to consider intangible assets and how we recognise things have changed. So it's moving to recognised standards and helpful to the public to know what those figures.
"It makes it more accessible and makes it easy to compare with other places. So next year, this financial year will be when that's complete and I'm looking forward to it because I've been pushing for it for a long time."
"It's not about accuracy," said Deputy Soulsby.
"It's about the presentation and following standards. The concept of accuracy is an interesting word in the world of accountancy. (The accounts) have been audited for many years. So from an accuracy point of view, I don't think the public should be concerned.
"The issue is about using standards that are understood and they can be referred to and compared to other places. So that's the nub of it, really. And on top of that, it's not just IPSAS - we've added more disclosures that we haven't had to in the past, and I think that again it gives more information for users of the accounts, in this case the public, the taxpayer to see where their money is going."
States accounts show £10m operating surplus
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