Mr. Speaker, I will just take a minute to read into the record some comments on my hon. friend's speech.
First, it is important to note that nothing in the bill adds to the existing reporting burden faced by first nations. Instead, the bill represents a minimum set of standards with respect to financial transparency, which is not currently being followed by many first nations. We expect many first nations will adapt easily and in fact will go further than the basic requirements laid out in the bill. Many will take this opportunity to put into place their own practices that aim to enhance the overall accuracy and accountability of their governments. In this way, the bill will serve as a catalyst for change in many communities, which will lead to greater confidence in many first nation governments.
Greater confidence and transparency result in increased opportunities for flexible multi-year arrangements, which will come with streamlined reporting. Over time as these practices become commonplace, first nations will be in a much stronger position to demonstrate that they are candidates for more flexible funding arrangements.
Let me just share with the House what the Department of Aboriginal Affairs and Northern Development has been doing over the past while. Back in July 2010, it launched a reduced reporting initiative to address the various issues raised by the Office of the Auditor General. It also responded to recommendations from the 2006 independent blue ribbon panel on grants and contributions, and the policy on transfer payments released by the government in 2008.