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.

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

Financial Management System

Financial Performance

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 procedures make the standard-setting process as transparent as possible and 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

FMB Standards – Exposure Draft and Invitation to Comment

Comment period: February 1 to August 1, 2026

The FMB has released an Exposure Draft proposing amendments to the Financial Management System (FMS) Standards, Financial Administration Law (FAL) Standards, and Financial Performance (FP) Standards. These Standards were last updated in 2019. Since then, the FMB has collected feedback related to implementation, limitations, changes in the economic and regulatory environment, and the needs expressed by our clients for enhanced flexibility, clarity, or further guidance.

The Exposure Draft consolidates all proposed amendments into a single document and includes section-specific invitations to comment. The FMB is seeking feedback on the proposed amendments to FMB’s Standards. Your input is essential in ensuring the Standards remain clear, relevant, and effective.

Review the materials:

The FMB expects to issue the new suite of Core Documents in fall 2026, with a proposed effective date of April 1, 2027 (early adoption permitted).

Proposed Amendments to FMB’s Standards

Contact us if you have questions about standards

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