First Nations Financial Transparency Act
Update
On December 18, 2015, the Minister of Indigenous and Northern Affairs issued a statement indicating that the department:
- has stopped all discretionary compliance measures related to the First Nations Financial Transparency Act
- is re-instating funding withheld from First Nations under these measures
- is suspending any court actions against First Nations who have not complied with the act
On March 27, 2013, the First Nations Financial Transparency Act received Royal Assent in Parliament.
The First Nations Financial Transparency Act requires that 581 First Nations, defined as an Indian band under the Indian Act, make their audited consolidated financial statements and a Schedule of Remuneration and Expenses of chief and council available to their members as well as publish it on a website. These financial documents include:
- audited consolidated financial statements
- the Schedule of Remuneration and Expenses
- the auditor's written report respecting the consolidated financial statements
- the auditor's report or the review engagement report, as the case may be, respecting the Schedule of Remuneration and Expenses
As well, starting in 2014-2015 and in compliance with the legislation, the Minister of Indigenous and Northern Affairs is now required to publish, on the departmental website, the audited consolidated financial statement and the Schedule of Remuneration and Expenses of chief and council for each First Nation, when received.
The audited consolidated financial statement and Schedule of Remuneration and Expenses for chiefs and councillors are being updated to the First Nation profile section of the Indigenous and Northern Affairs Canada website as they are received.
Find out more:
- Read the complete First Nations Financial Transparency Act
- First Nations Profiles – Audited Consolidated Financial Statements and Schedule of Remuneration and Expenses
- Definitions of Key Financial Terms
- How to Choose an Auditor
- How to Record and Maintain Financial Information
- Quick Guide to Understanding Financial Statements
- How to Select a Recipient-Appointed Advisor
- Annotated Guide to Reading Financial Statements
- Questions and Answers Related to the First Nations Financial Transparency Act (FNFTA)
Ask the Experts
Financial Reporting Video 2015
Indigenous and Northern Affairs Canada (INAC) has recorded a 2015 video with a panel of auditing and accounting experts to answer questions on the financial reporting requirements of the First Nations Financial Transparency Act. The questions were developed based on feedback the department received throughout the first year of financial reporting under the act.
Financial Reporting Webinar
The department held a free online webinar to answer questions about the new financial reporting requirements of the First Nations Financial Transparency Act on July 8, 2014. Participants were encouraged to ask questions to the panel of professionals. All questions and answers can be found in the webinar video.
Interactive Question and Answer Forum
Indigenous and Northern Affairs Canada has contracted Publivate to host an online forum, to provide third-party information about financial reporting required of the First Nations Financial Transparency Act (FNFTA).
Contact Us
Should you have any questions or comments on the First Nations Financial Transparency Act, please contact us for more information.
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