CICA Draft Report on Financial Reporting by First Nations

The Canadian Institute of Chartered Accountants (CICA) is conducting a ground-breaking research study on Financial Reporting by First Nations. Although accounting standards exist for a range of public sector entities First Nations’ governments have not been explicitly included in these standards. The CICA is examining that void by looking at: the changing environment for First Nations’ financial reporting; the needs of users; objectives of First Nations financial statements; and how financial reporting by First Nations compares with other public sector organizations.AFOA is pleased to be closely involved with this study. There has been considerable ambiguity about how First Nation’s fit in the standard setting process. Current accounting standards do not specifically refer to First Nations governments and past attempts to define accounting standards for First Nations have met with little success. This study is an important step in resolving this issue.

The CICA has now released a complete draft of the Research Report, Click here, to view the draft Report. The period for comments on the Research Report has closed. Responses are under consideration by the Study Group at this time.

A final report is expected to be published by mid 2008, after consideration of all comments received.