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  1. First Nations Financial Transparency Act - S.C. 2013, c. 7 (Section 3)
    Marginal note:Purpose of Act

     The purpose of this Act is to enhance the financial accountability and transparency of First Nations by requiring the preparation and public disclosure of their audited consolidated financial statements and of the schedules of remuneration paid and expenses reimbursed to a First Nation’s chief and each of its councillors — acting in their capacity as such and in any other capacity, including their personal capacity — by the First Nation and by any entity that, in accordance with generally accepted accounting principles, is required to be consolidated with the First Nation.


  2. First Nations Financial Transparency Act - S.C. 2013, c. 7 (Section 8)
    Marginal note:Internet site — First Nation
    •  (1) A First Nation must publish the documents referred to in paragraphs 7(1)(a) to (d) on its Internet site, or cause those documents to be published on an Internet site, within 120 days after the end of each financial year.

    • [...]

    • Marginal note:Discharging duty

      (3) Publishing any document on an Internet site is insufficient to discharge the First Nation’s duty to make copies of it available to its members who request that document.


  3. First Nations Financial Transparency Act - S.C. 2013, c. 7 (Section 5)
    Marginal note:Accounts and consolidated financial statements
    •  (1) A First Nation must maintain its accounts and prepare its consolidated financial statements annually in accordance with generally accepted accounting principles, the primary sources of which are the handbooks — including the handbook respecting public sector accounting — of the Canadian Institute of Chartered Accountants, or its successor, as they are amended from time to time.

    • Marginal note:Audit

      (2) A First Nation’s consolidated financial statements must be audited, in accordance with the generally accepted auditing standards of the Canadian Institute of Chartered Accountants, or its successor, by an independent auditor who is a member in good standing of a corporation, institute or association of accountants incorporated under an Act of the legislature of a province.


  4. First Nations Financial Transparency Act - S.C. 2013, c. 7 (Section 4)
    Marginal note:Application

     This Act applies in respect of every First Nation’s financial year that begins after the day on which this Act comes into force.


  5. First Nations Financial Transparency Act - S.C. 2013, c. 7 (Section 1)
    Marginal note:Short title

     This Act may be cited as the First Nations Financial Transparency Act.



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