First Nations Financial Transparency Act
On November 23, 2011, Bill C-27, First Nations Financial Transparency Act was introduced in the House of Commons.
This proposed legislation is part of the Government's commitment in the 2011 Speech from the Throne to support democratic, transparent and accountable First Nation governments by requiring the public disclosure of remuneration and expenses of chiefs and councillors and First Nation's audited consolidated financial statements.
Amendments adopted by the Standing Committee on Aboriginal Affairs and Northern Development provide greater clarity to those parts of the bill dealing with the treatment of band-owned businesses, and the presentation of separate figures for remuneration and expenses paid to chiefs and councillors. The bill, as amended, was passed by the House of Commons on November 27, 2012.
Bill C-27, First Nations Financial Transparency Act received Royal Assent on March 27, 2013.
You can read the entire First Nations Financial Transparency Act on the Parliament of Canada's website and follow its status throughout the parliamentary process.
Learn more about the First Nations Financial Transparency Act by consulting the following reference documents:
- Harper Government Delivers Greater Accountability and Transparency for First Nation Communities
- Frequently Asked Questions: First Nations Financial Transparency Act
- Letter to Chiefs and Councils Regarding the First Nations Financial Transparency Act
- Letter to the Editor on the First Nations Financial Transparency Act
- News Release, November 23,2011: The Government of Canada Introduces Legislation to Ensure Accountability and Transparency for First Nations
You May Also Be Interested In:
- 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
Should you have any questions or comments on the First Nations Financial Transparency Act, please contact us for more information.
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