First Nations’ financial statements are publicly available. However, there is currently no amalgamation or consolidation of this information in a way which will enable analysis useful to First Nations or other stakeholders such as Financial Institutions and various levels of government.

Currently, First Nations must meet a number of reporting requirements for Indigenous Services Canada (ISC), Canada’s government funding agency for First Nations in Canada. Some of ISC’s required ratios, for example, are: Working Capital, Liquidity, and Sustainability.

In addition, there are statutory First Nations Organizations such as the First Nations Financial Management Board which have requirements for First Nations to calculate ratios which are different and separate from ISC’s, such as: Fiscal Growth Ratio, Operating Margin Ratio, and Asset Maintenance Ratio.

In addition to required ratios, many First Nations in Canada have expressed a desire to reduce reliance on government transfers to operate their governments. What gets measured gets done and it is possible to measure both a government funding ratio and an own source revenue ratio based on First Nations financial statements. This will be further enhanced by having access to First Nations’ Economic Development Corporation Financial Statements, which aren’t required to be public.

Many third parties, and especially Financial Institutions, will benefit from having access to a database of First Nations financial statements. This type of information has very high commercial value. Major banks in Canada do billions of dollars in business with First Nations throughout Canada. Having real time information to First Nations financial statements would financial institutions grow their relationship with First Nations and enable them to offer tailored products and anticipate their needs.