First Nations Financial Management Board 2007/08 Annual Report

First Nations Financial Management Board 2007/08 Annual Report

by NationTalk on September 23, 20081407 Views


The opportunities we have today are the result of decades of effort. Many communities and individuals have made exceptional commitments to assert First Nation jurisdiction and create our own institutions. It is now possible for First Nations to use the tools established by the First Nations Fiscal & Statistical Management Act (FSMA) to create real benefits for their communities.The First Nations Financial Management Board (FNFMB) has been developing financial administration standards that we believe meet the requirements of the FSMA and the interests of First Nations, taxpayers, investors, and capital markets. I encourage you to contact us to review these standards and provide feedback. Putting financial management tools in place now will enable you to respond quickly to an economic opportunity when it arises.

Although a primary focus of the FNFMB will be to provide services to First Nations participating in the FSMA, the tools hat we have been developing have the potential for a broader application. Many First Nation initiatives contemplate financial management issues.

The Canadian Institute of Chartered Accountants (CICA) report: “Financial Reporting by First Nations” is making recommendations that we expect will impact the way First Nations report to their membership, other governments and their business partners. We have attempted to keep these initiatives in mind as we developed the FNFMB standards, sample laws, policies and procedures.

This is an exciting and important time for First Nations to consider financial management and we welcome the opportunity to work with you!

Harold Calla, CGA, CAFM
First Nations Financial Management Board

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