January
Project
Financial Administration Law Documents Revision
Background
Improving the Sample Financial Administration Law to better support First Nations.
Details
- Removed all references to local revenue for use by First Nations that have chosen not to put in place local revenue laws.
Deliverable
- 5th Edition of Sample Financial Administration Law
March
Project
Financial Administration Law Documents Revision
Background
Improving the Financial Administration Law Standards and Sample FAL to better support First Nations.
Details
- Removed definitions of independence from Standard 10.1.6 (Independent members).
- These were replaced with a new requirement at Standard 10.1.6.3 (Policies required) to clarify who can be Finance and Audit Committee members.
- Removed the list of ineligible individuals for a Finance and Audit Committee at Standard 10.1.6.4.
Deliverables
- 5th Edition of Financial Administration Law Standards
- 6th Edition of Sample Financial Administration Law
April
Project
Financial Administration Law Documents Revision
Background
Improving the Financial Administration Law Standards and Sample FAL to better support First Nations.
Details
- Clarified how pay, benefits and contracts are reported to address privacy concerns and bring the Standards in line with other legal reporting requirements.
- Other changes to how the local revenue account is managed, and the role of the tax administrator, to align with First Nations Tax Commission Standards.
Deliverables
- 5th Edition of Financial Administration Law Review Procedures
- 6th Edition of Financial Administration Law Standards
- 7th Edition of Sample Financial Administration Law
- 5th Edition of Sample Financial Administration Law Explanatory Notes
- 5th Edition of Financial Administration Guide
Project
Financial Management System Documents Revision
Background
Improving the Financial Management System Standards to better support First Nations.
Details
- Created new Fraud Risk identification Standards in response to the 2013 update to the COSO Framework, especially Principle 8.
- Updated Standard 11.2.3 to state that potential Finance and Audit Committee members must not have a role in the planning, organizing, directing or controlling of a First Nation’s finances.
- This includes budgeting, financial accounting and reporting, purchase of goods and services, and use of funds.
Deliverables
- 5th Edition of Financial Management System Certification Procedures
- 5th Edition of Financial Management System Standards
Project
Financial Performance Documents Revision
Background
Improving the Financial Performance Standards to better support First Nations.
Details
- Made changes to put more focus on the fact that a First Nation must meet Financial Performance Standards to become a borrowing member of the First Nations Finance Authority.
- Added the need for a First Nation to update its Financial Administration Law as part of Financial Management System Certification.
Deliverables
- 6th Edition of Financial Performance Certification Procedures
- 6th Edition of Financial Performance Standards
May
Project
Financial Administration Law Documents Revision
Background
Improving the Financial Administration Law Standards to better support First Nations.
Details
- Corrected a minor editorial error.
Deliverables
- 7th Edition of Financial Administration Law Standards
- 5th Edition of Financial Administration Guide
Project
Financial Performance Documents Revision
Background
Improving the Financial Performance Certification Procedures to better support First Nations.
Details
- Deleted the requirement for First Nations to submit copies of documents that prove how they have brought to life certain parts of their Financial Administration Law.
- This evaluation instead happens through a Financial Management System review.
Deliverable
- 7th Edition of Financial Performance Certification Procedures
December
Project
Standard Setting Guidelines Creation
Background
In August 2015 the FMB issued an Exposure Draft of new Standard Setting Guidelines. They make it clearer what the FMB does when amending any of its Standards.
Details
- In response to feedback, final Guidelines were approved in December 2015.