How we set standards
The First Nations Financial Management Board (FMB) follows strict procedures when developing, changing, and setting our standards. These are important to make the standard setting process as fair as possible, and to allow as many people as possible to provide comments.
What are the standards?
Under the First Nations Fiscal Management Act (FMA), the FMB is responsible for setting standards and procedures for First Nations on the following:
- Financial Administration Law
- Financial Performance
- Financial Management System
- Local Revenue Account Financial Reporting
What is the process?
The FMB’s standard setting process is described in our Standard Setting Guidelines document. These guidelines apply to all of our future standard setting activities. They are built on the following principles:
After we publish a set of standards, we tell stakeholders how the process went.
Why do we need this process?
The guidelines that describe our processes are necessary to tell stakeholders about the way that we set standards, including how they can have a say. They make sure the process is transparent and accountable, and allows stakeholders to be consulted.
We review and update the guidelines as needed. This involves FMB staff, the Board of Directors and technical advisors, including lawyers and accountants experienced in First Nations advisory services.
Have your say
It is our goal to develop and publish standards as quickly as possible, while also allowing stakeholders to respond and provide useful feedback—both positive and negative.
We publish documents that people can comment on. These include:
- Exposure drafts: A proposed standard that people can respond to and comment on.
- Discussion papers: A discussion document published early in the standard setting process that allows people to comment on many things, including exposure drafts and other documents.
Documents issued for comment are posted online under Documents open for comment. To keep up to date on FMB activities, sign up for FMB Updates by providing your email address.
Why provide comments?
The FMB works to support you. The only way we can know your view on any issue is if you provide comments.
Comment letters sent to us by stakeholders can lead to major changes to a final standard. It is just as important to us to know that you support a proposed standard as it is for us to know if you have any concerns about it. All comments help us develop final standards that meet everyone's needs.
How to provide comments
Everyone comes from different backgrounds and has different experiences. That is why we try to get comments from as many people as possible. When providing comments, please include:
- your views on the issue.
- the detailed reasons for your view so that we can fully understand and consider your comments.
Documents open for comment
- Exposure Draft: Summary of Changes and Invitation to Comment
- C2 - Financial Performance Standards documents