SUSTAINABILITY REPORTING
Canadian Standards - March 2023 - CSSB Updates
Article Highlights
By April 1st, 2023, the CSSB to be fully operational.
CSSB waiting for the first disclosure requirements to be published by the ISSB - S1 and S2.
(1) Establishment of the CSSB
On June 15, 2022, the Accounting Standards Oversight Council (AcSOC) and the Auditing and Assurance Standards Oversight Council (AASOC) announced their approval of the Canadian Sustainability Standards Board (CSSB).
The IFRS created the ISSB to be a baseline for global sustainability disclosure for investors.
The CSSB will work in tandem with the ISSB to develop and support the adoption of IFRS Sustainability Disclosure Standards, thus ensuring the perspectives of Canadian stakeholders are considered during international decision making.
(2) IRCSS Publishes Final Report on March 1, 2023.
The Independent Review Committee on Standard Setting in Canada published its final report on March 1, 2023.
In May 2021, the IRCSS was established by the AcSOC and AASOC. The IRCSS was established to conduct a review of the current structure for establishing Canadian accounting and assurance standards, as well as what might be needed for the future, including sustainability standards.
Since the last comprehensive review more than 20 years ago, the standard-setting environment has evolved dynamically and rapidly both in Canada and globally. The overall objective of the Committee was to consider the extent to which the Canadian standard-setting model can effectively respond to this environment, and what changes might be appropriate to ensure that it is “fit for the future” and continues to serve the public interest. A key focus for the Committee was the importance of independence, both real and perceived, in the establishment of standards given the role standards play and the fact that they are a public good.
(3) Operational By April 1st, 2023
The CSSB plans to be operational by April 1st, 2023 or soon thereafter.
(2) First Standards - S1 and S2
The ISSB plans to issue its first standards by the second quarter of 2023. The first standards will be S1 (General Requirements) and S2 (Climate).
Key Takeaways
Tasks to help you prepare
CSSB plans to be fully operational by April 1st, 2023.
Sustainability reporting is a key part of the IRCSS’s final report that was published on March 1, 2023 for Canadian accounting and assurance standards
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