REPORTING

August 2022 - Update on the Canadian Sustainable Standards Board

August 2, 2022

Article Highlights

  • The Canadian federal government plans to launch a Canadian Sustainability Standards Board (CSSB) that includes the standards from the International Sustainability Standards Board (ISSB) while outlining additional Canadian requirements.

  • June 2022 - CSSB formally announced.

  • April 2023 - Date by which the CSSB aims to be operational.

Over the past year, there has been substantial developments in the demand for disclosure of sustainability information.

In Canada, the Independent Review Committee on Standard Setting (IRCSS) is set up to make recommendations to ensure Canada sets standards that are independent and recognized internationally.

In May of 2021, Canada’s Accounting Standards Oversight Counsel (AcSOC) and Auditing and Assurance Standards Oversight Counsel (AASOC) initiated the IRCSS to review Canada’s accounting, assurance and auditing standards in terms of governance and structure.

On November 3, 2021, the International Financial Reporting Standards IFRS) announced the creation of the International Sustainability Board (ISSB) at the United Nations Climate Conference (COP26) in Glasgow, Scotland. The IFRS Foundation Trustees will govern the ISSB.

In November of 2021, the IRCSS recommended the establishment of the CSSB.

In December of 2021, the IRCSS published a Consultation Report, dated December 8, 2021, that outlined clear support for the CSSB. The Consultation Report outlined a comment period with an end date of March 31, 2022.

On June 15, 2022 - The Accounting Standards Oversight Counsel (AcSOC) and Auditing and Assurance Standards Oversight Counsel (AASOC) mutually approved the formation of the Canadian Sustainability Standards Board (CSSB). The Implementation Committee is in the process of being formed and is expected to launch this month - July 2022.

In August 2022, there will be about five virtual or in-person committee meetings.

Key Takeaways

Tasks to help you prepare

  • It is currently planned that the CSSB will follow the ISSB with additional Canadian requirements.

  • Envirolly will continue to diligently report on the development of the CSSB and how it impacts business in Canada.