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Workshop Presentation - Preparing Financial Statements Under the Common Government Reporting Model
Workshop Presentation (PDF - 849 KB)
This Manual was developed by AFOA in 2008/2009 for workshops held to provide an overview of the key challenges that financial staff will face when these changes went into effect January 2009.
Topics include:
- Statement of financial position
- Statement of Operations
- Statement of Change in Net Debt
- Statement of Cash flows
- Overview of accounting for tangible capital assets
Click Here to find the solutions for the exercises contained in this manual.
Financial Reporting by First Nations
The Canadian Institute of Chartered Accountants (CICA) has published Financial Reporting by First Nations, a ground-breaking report authorized by the Public Sector Accounting Board (PSAB) of the CICA. Published independently of the CICA’s standard-setting process, the Report addresses the lack of accounting standards explicitly for First Nations by examining the changing environment for First Nations financial reporting, users and their needs, objectives of First Nations general purpose financial statements, and the reporting entity. The Report concludes that adopting the reporting model for governments in Canada based on the accounting recommendations of PSAB best suits the needs of preparers, auditors and users of First Nations general purpose financial reporting. This recommendation was the basis of INAC's new Financial Reporting Guidelines introduced January 1, 2009 - Click Here for Handbook.
AFOA is pleased to have been closely involved with this study. In addition to AFOA's President & COO sitting on the study group, AFOA hosted focus groups to facilitate input from members into the study and held conference sessions to advise members of the study's progress and upcoming recommendations. 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.
Performance Measurement & Reporting in First Nations [NEW]
This publication will enable First Nations to use performance reporting as part of their strategy to enhance performance and strengthen their communities and organizations. The focus is on reporting on performance to community members. With the guidance of an Advisory Committee, and supported by Case Studies, the publication identifies core principles of performance reporting in First Nation environments and draws the link to financial reporting. Issues examined include: the appropriate level and frequency of reporting; identifying the important aspects of performance; identifying the kinds of information to be reported; and, preparing reports on goals.
An Introduction to First Nations Comprehensive Community Planning - A Primer for Aboriginal Management [NEW]
Many communities throughout the country are undertaking Comprehensive Community Planning (CCP) in an effort to improve their economic base while asserting their independence and ownership of community resources. This publication includes best practices and case studies and focuses on: history and evolution of CCP; exploring indigenous principles; and current models and insights from First Nations who have completed CCP.
Developing an Effective Remedial Management Plan [NEW]
This publication is intended to help communities develop the knowledge and techniques needed to develop a Remedial Management Plan for their communities and in so doing help them achieve financial stability and accountability. With the support of case studies, issues examined include: What is a RMP? Understanding the RMP and its impact; Who does what and when in the RMP? How do you develop a RMP? Measuring and assessing performance of the RMP.
Presenting and Understanding Financial Information - A Practical Guide for Aboriginal Leadership
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Order Form (PDF - 35 KB)
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This guide is written for Aboriginal elected leadership. It provides a basic introduction to the financial responsibilities of elected leaders including: short and long term planning; budget approval and review; establishing a financial policy; decision-making based on financial information; approval of financial statements ; the nature and format of financial information and reports that should be reviewed; the audit; and, financial communication with the community.
Understanding Debt Management – A Practical Guide for Aboriginal Management
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Order Form (PDF - 35 KB)
Order Form (Online)
This tool kit describes the principles of deficit financing, the federal government's intervention policies; how to manage debts well; and, putting in place an effective financial management environment and policy vis a vis debt management.
Audits – A Primer for Aboriginal Management
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Order Form (PDF - 35 KB)
Order Form (Online)
The audit process is often misunderstood and as a result sometimes feared. However, the audit has many benefits. This Primer provides the tools to:
- understand the audit;
- facilitate the audit process efficiently and painlessly
- understand remedial management; and
- utilize the audit as an effective management tool.
Fiscal Planning Calendar
The Fiscal Planning Calendar Handbook is a unique tool designed specifically for First Nations to help them budget, plan and be accountable to community members and reporting entities. There are three distinct parts to the Handbook:
- The Fiscal Planning Calendar – a reminder of the steps in the fiscal planning process;
- CDROM – contains the step-by-step processes to follow with personal templates; and
- The Handbook – binder reference tool organized by cycle to correlate with the calendar & CDROM with a table of contents organized by month to easily locate activities required for each month.
The Calendar, CDROM and Handbook is available to members for $50 each, and non-members for $75.00 each and can be ordered through the order forms above. Alternatively, members can access a free on-line version by clicking on the link above.
Sharing Financial Information
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This publication provides advice to Chiefs and Councils on reading and understanding financial statements. It has been written to help Chiefs and Councillors present financial information and to help community members understand financial statements.
Strategic Management & Accountability for First Nations – Best Practices to Consider
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Organizational success is closely linked with the ability of leaders to manage strategically -understanding what strategic management is all about provides an opportunity to make improvements in planning and accountability type activities.
This publication will provide Aboriginal leaders with key information about strategic management and accountability and highlight some best practices that will help enhance the quality of Aboriginal practices in planning and accountability. There are 5 sections:
- Introduction
- Accountability and related issues
- Strategic management
- Best practices
- Sources of information
Sample templates and synopses of financial policies and procedures
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AFOA has developed a series of sample templates for common Aboriginal financial policies and procedures as part of its research for the Distributed Knowledge System (DKS) - a unique effort reaching out to all First Nations communities that are developing or would like to develop practical and effective financial management tools. See Distributed Knowledge Sharing System. These procedural templates have been reviewed and certified by the AFOA as meeting Generally Accepted Accounting Principles (GAAP).As these samples are intended for knowledge-sharing purposes only, wherever possible, the AFOA has attempted to include all potential financial procedural information that could apply to both a large or small First Nation community and organization.
Sample models of first nation financial codes
Alberta (PDF - 1.2 MB);
Atlantic (PDF - 1.8 MB);
British Columbia (PDF - 5.3 MB);
Manitoba (PDF - 779 KB);
National Models (PDF - 118 KB)
Northwest Territories (PDF - 1.4 MB);
Ontario (PDF - 366 KB);
Quebec (PDF - 1 MB);
Saskatchewan (PDF - 4.9 MB)
As part of the Distributed Knowledge Sharing System initiative (See Distributed Knowledge Sharing System) AFOA has collected a number of samples of First Nation financial codes and policies from across the country - they are provided in this document courtesy of the source First Nation community or organization credited. These First Nation communities and organizations have agreed to share the results of their hard work with the understanding that the information contained is copyright owned by the First Nation. This document allows the reader to view the financial code itself, and/or obtain contact information to find out more about the document.
We encourage your community or Tribal Council to become involved in this First Nations initiative by sending us a copy of your financial codes, whether policies, by-laws, acts, or equivalent financial management tools. All submissions will be kept confidential, and once received, your submission will be filed for safe-keeping. An AFOA staff person will contact you to discuss your interest in having a sample or actual version of your organization's financial codes, policies and/or by-laws shared nation-wide (e.g. available electronically on the internet).
To make a submission, use one of three options:
- Emailing an electronic copy to the attention of sseebach@afoa.ca;
- Faxing a copy to (613)-722-3467; or,
- Sending either a hard copy or electronic copy on diskette, by mail or courier to the attention of:
- Organizational structure
- Government & Administration
- Finance
- Housing & Public Works
- School Programs
- Post-secondary Educational Program
- Lands & Resources Program
- Health Program
- CFS Program
- Social Development Program
- Employee Management and
- Codes of Conduct.
Suzanne Seebach, Director, Programs & Services
Aboriginal Financial Officers Association of Canada
1066 Somerset St. West, Suite 301
Ottawa, ON K1Y 4T3
Sample First Nation Operations Manual
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A product of AFOA Saskatchewan Chapter - The Sample First Nation Operations Manual focuses on the reporting and financial management responsibilities of a financial officer of an average-sized First Nation. It covers