2019 Changes to FMB Standards

Changes to FMB Standards

The FMB made changes to its Standards that came into effect April 1, 2019. These changes allow the Standards to continue to meet the needs of First Nation governments and also provide:

  • Increased clarity and flexibility; and
  • Improved financial management practices.

You can read about the changes by following the links at the bottom of this page.

How will my First Nation be impacted by the changes?

Financial Administration Law We already have a FAL
  • Existing FAL remains valid
  • Encouraged, but not required, to update FAL to new April 1, 2019 Standards
We are working on a FAL
  • April 1, 2019 FAL Standards will apply to all new FALs that were not in process or in draft as at April 1, 2019
We want to begin drafting a new FAL
  • April 1, 2019 FAL Standards will apply to all new FALs that were not in process or in draft as at April 1, 2019
Financial Performance Certification We already have an FP Certificate
  • Existing FP Certificate remains valid
  • A First Nation with any FMB Certification is required under its own FAL to stay up to date with all current FMB Standards
  • Update FAL to new April 1, 2019 Standards at earliest opportunity
We would like a FP Certificate in the future
  • April 1, 2019 FP Standards will apply to all new FP Certifications
Financial Management System Certification We already have an FMS Certificate
  • Existing FMS Certificate remains valid
  • A First Nation with any FMB Certification is required under its own FAL to stay up to date with all current FMB Standards
  • Update FAL and FMS policies to new April 1, 2019 Standards at your earliest convenience
We are working towards FMS Certification
  • Transition period --> all FMS Certifications in process can continue to demonstrate compliance with April 1, 2016 Standards until March 31, 2020
  • Any FMS Certificates issued after March 31, 2020 will need to use the April 1, 2019 FMS Standards
We would like an FMS Certificate in the future
  • April 1, 2019 FMS Standards will apply to all new FMS reviews that were not in process as at April 1, 2019 and not completed before March 31, 2020

For more information:

Questions?

Contact your FMB representative or the Standards and Certification team with your questions about the changes to the FMB Standards.

standards@fnfmb.com
Tel: 604.925.6665
Toll free: 877.925.6665

Redline Versions of FMB Standards

The redline versions of the FMB Standards show the individual changes to the FMB Standards from the previously published versions to the new April 1, 2019 versions.

Financial Administration Law

Financial Management System

Financial Performance

Local Revenue Financial Reporting