Standards

Set Standards

Under the authority of the FMA, the FMB sets for financial performance, financial management systems, financial administration laws and by-laws, and local revenue financial reporting.

Skip Table of Contents

Standards for First Nations Governments

The FMB’s certifications are based on internationally recognized administrative and finance practices called standards. The FMB adapts these to better meet the needs of First Nations.

Financial Administration Law

Standards in effect April 1, 2019 through March 31, 2028:
Standards in effect April 1, 2028 (early adoption permitted):
Review changes:

Financial Performance

Standards in effect April 1, 2019 through March 31, 2028:
Standards in effect April 1, 2028 (early adoption permitted):
Review changes:

Financial Management System

Standards in effect April 1, 2019 through March 31, 2028:
Standards in effect April 1, 2028 (early adoption permitted):
Review changes:

Local Revenue Financial Reporting (Updated) – Effective April 1, 2024

Standards for Indigenous Not-for-Profit Organizations

The FMB has developed a set of financial management standards and financial performance measures specifically tailored for Indigenous not-for-profit organizations (NPOs), including tribal councils operating as NPOs. These NPO Standards build upon the FMB’s experience as a standards-setter for First Nation governments.

The FMB announced the first exposure draft of the NPO Standards in June 2020. Partners were invited to learn about the proposed standards in the document, Proposed Standards for Not-for-Profit Organizations – Invitation to Comment, and to provide their comments and feedback by September 30, 2020. This comment deadline was further extended to April 30, 2021, and the NPO Standards became effective September 1, 2021.

In accordance with the FMB’s Standard-Setting Guidelines, a narrow scope amendment was approved by the FMB Board on December 14, 2023 without an exposure draft. The amended NPO Standards are effective April 1, 2024. Also available is a redline version of the Standards highlighting the changes, and the Narrow Scope Amendment Explanatory Notes.

The NPO Standards are intended to:

  • set out best practices in financial management for NPOs
  • benchmark financial accountability and financial performance for NPOs.

Indigenous Not-for-Profit Organization Standards
This document contains the NPO Standards effective April 1, 2024.

Indigenous Not-for-Profit Organization Standards (Redline)
This document contains the NPO Standards effective April 1, 2024 and shows the changes from the previous version effective September 1, 2021.

Narrow Scope Amendment Explanatory Notes
This document is intended as a companion document to the NPO Standards redline document. It provides explanatory notes of the narrow scope amendments made to the NPO Standards.

How Standards are Developed

Similar to other standard-setting organizations, the FMB follows a defined process when developing and setting standards. This process is important to ensure the standard setting process is as transparent as possible and allows interested individuals and organizations to provide comments. The FMB’s standard setting process is described on the Standard-Setting Process page.

The narrow scope amendment approved by the FMB Board on December 14, 2023 provided an expansion of the by-law requirement to a by-law or policy option. The FMB Board approved the amendment without an exposure draft period as the substance of the NPO Standards did not change. Additionally, the Standards were further amended to incorporate editorial corrections to provide further clarity on the by-law or policy option.

Working with the FMB

NPOs and tribal councils interested in working with the FMB are encouraged to contact us.

The FMB is currently able to offer compliance opinions on both Part 1 and Part 2 of the NPO Standards to interested NPOs.

Standard-Setting Process

The FMB follows clear procedures when developing, changing, and setting standards. These are important to make the standard setting process as transparent as possible and to allow interested individuals and organizations to provide comments. The FMB’s standard setting process is described in our Standard Setting Guidelines document. These guidelines apply to all of the FMB’s standard setting activities.

Have Your Say

It is the FMB’s goal to develop and publish standards as quickly as possible, while also allowing you to respond and provide your comments — both positive and negative.

Documents open for comment are posted on the FMB’s website. To keep up to date on the FMB’s activities, sign up for the FMB Newsletter.

Why Provide Comments?

The FMB works to support First Nations. Your feedback can lead to changes to our standards and help us develop standards that meet the needs of First Nations.

How to Provide Comments

You can send the FMB comments using the online response form posted with each document for comment.

The FMB also welcomes comments using the form below.

Documents Open for Comment

There are no documents open for comment at this time.

Completed Consultations

New FMB Standards – Standards for Self-Governing and Modern Treaty Nations – Draft Standards and Invitation to Comment

Comment period: Closed

The FMB has drafted Financial Administration Law (FAL) Standards and Financial Performance (FP) Standards for Self-Governing and Modern Treaty Nations in response to the recent adaptation to the First Nations Fiscal Management Act. These standards are based on the existing FAL and FP standards for First Nations governments and have been adapted as necessary to ensure they are reflective of the legislative differences and terminology used by Self-Governing and Modern Treaty Nations.

For ease of reference, a summary of the key differences has been prepared between the FAL and FP standards for First Nations governments and the Draft FAL and FP Standards for Self-Governing and Modern Treaty Nations.

Review the materials:

The FMB expects to issue the new suite of Core Documents in winter 2026, with a proposed effective date of January 1, 2027 (early adoption permitted). The comment period is now closed, but we will continue to accept feedback once the standards are in effect. Please use the form at the bottom of this page.

Standards for First Nation Governments – Final Standards and Basis for Conclusions

The First Nations Financial Management Board (FMB) has completed its review of the Financial Administration Law, Financial Performance, and Financial Management System Standards for First Nation governments.

An Exposure Draft of the proposed amendments was released for public comment from February to August 2026. To support awareness and encourage feedback, the FMB undertook several outreach activities including recorded and live webinars, direct engagement with interested and affected parties, and advertisement in both virtual and in-person platforms. The FMB analyzed all comments received during the consultation process and considered this feedback in developing the Basis for Conclusions.

The amendments were informed by firsthand experience working with and applying our standards, input from clients, staff and other First Nations institutions on the implementation challenges, effectiveness and relevance, while incorporating the need for modernization and addressing emerging risks. The Basis for Conclusions companion document describes the key amendments and their expected impact, including the result of any comments received and their impact on the final standards released for publication.

The revised standards are effective April 1, 2028, with earlier voluntary adoption permitted.

Available Documents:

Contact Us

Contact us if you have questions about standards

Name(Required)
Email(Required)