SUSTAINABILITY REPORTING

Canada Standards - Launch of Canadian Sustainability Standards Board

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 while outlining additional Canadian requirements.

Over the past year, there has been substantial developments in the demand for disclosure of sustainability information. Last fall, the creation of the International Sustainability Board (ISSB) was announced. The ISSB is governed by the IFRS Foundation Trustees.

The Independent Review Committee on Standard Setting (IRCSS) makes recommendations to ensure Canada sets standards that are independent and recognized internationally. IRCSS is currently performing a review of the Canadian accounting, assurance and auditing standards in terms of governance and structure. The IRCSS recommended the establishment of the CSSB.

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.

Contact the ACSOC and/or AASOC if you are interested in join the implementation process i.e. the Implementation Committee.

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