Thank you, Mr. Chairman, and thank you for the opportunity to be here today.
You may recall that the First Nations Fiscal and Statistical Management Act was passed in 2005 with all-party support. It was a bill that was designed to create an opportunity for first nations to access long-term public debt, to increase their revenue rates and capacity, and to be in a position where they were certified for their financial management practices and financial performance.
The world that the first nations find themselves in today is considerably different from that of previous years. Changes in generally accepted accounting principles, the need to engage the capital markets, and the opportunity to consider more complex business opportunities, both on and off reserve, require first nations to utilize skill sets that may not be currently present within the administration of many of the communities. Financial and business acumen are playing a significant role in the success or failure of engagement with the economic mainstream. Moving to the process-based decision-making model contemplated in FMB standards supports the community in the pursuit of its goals and objectives.
We have reviewed Bill C-27, and Shayla has worked over the weekend to prepare a schedule that looks at the provisions of the bill and at FMB standards.
I realize you may have just received that, but it would be appropriate at some point—at your leisure, if you're trying to get to sleep at night—that you read that.