News Listings

Watch our easy-to-understand video on the global and local initiatives happening in sustainability reporting standards – including the Independent Review Committee on Standard Setting in Canada’s initiative and recommendation to establish a Canadian sustainability standards board – and what this means for Canada.  

As we enter a busy time of year for our stakeholders, we want to highlight the importance of consultations being led by the Independent Review Committee on Standard Setting (IRCSS) in Canada. Read the joint statement from our Board Chairs to find out how you can contribute to the future of standard setting in Canada.

The AASB discussed stakeholder feedback on Quality Management – Conforming Amendments and received a presentation of feedback from stakeholders related to AASB’s Discussion Paper on Audits of Less Complex Entities. The Board also discussed the IAASB Work Plan for 2022-2023 and provided input to the IAASB’s Working Group project proposal to revise ISA 240 on Fraud as well as issues related to ISA 600 on Group Audits. Read the summary for more details!

The pandemic continues to greatly impact the activities of organizations and individuals. To ensure stakeholders have adequate time to weigh in on this Consultation Paper, the IRCSS has extended the comment period for its Consultation Paper from February 28, 2022, to March 31, 2022.

Since commencing a review of standard setting in May 2021, the Independent Review Committee on Standard Setting in Canada (IRCSS) has released its Consultation Paper for public comment. With the goal to ensure that Canadian standard setting will continue to be independent and internationally recognized, the IRCSS’ paper explores several key matters including establishing a Canadian Sustainability Standards Board; public interest considerations and responsibilities to Indigenous peoples in the development of standards; governance and oversight framework of the Canadian standard-setting system; and timeliness and responsiveness of the current accounting, auditing, and assurance standard setting processes. Respond by February 28, 2022, and help the IRCSS shape its final recommendations report.

With developments on sustainability standards continuing to unfold internationally, the Independent Review Committee on Standard Setting in Canada continues its work to ensure that Canadian standard setting is fit for the future. Get an update on discussions and the key matters identified, including public interest considerations and responsibilities to Indigenous peoples in the development of standards and recommendations on establishing a Canadian Sustainability Standards Board. The Committee will issue a Consultation Paper for the for public to comment on, in December. Read about the Committees’ progress to date and next steps.

The need for a Canadian Sustainability Standards Board is clearer than ever, says Edward J. Waitzer, Chair of the Independent Review Committee on Standard Setting in Canada. Learn more.

The formation of the new International Sustainability Standards Board (ISSB) was announced on Finance Day at COP26 in Glasgow, along with two other significant developments.

The IFRS Foundation also announced its commitment to consolidating the Climate Disclosure Standards Board and the Value Reporting Foundation with the new ISSB and will publish prototype climate and general disclosure requirements developed by the Technical Readiness Working Group (TRWG) – a group formed by the Trustees to undertake preparatory work for the ISSB.

The ISSB’s standards will enable companies to provide comprehensive sustainability information for the global financial markets. It will also have a global and multi-location presence with offices in Frankfurt and Montreal, responsible for key functions supporting the new Board, and enable deeper co-operation with regional stakeholders.

In collaboration with the ACCA, CPA Canada, and CA ANZ, the AASB issued a joint report – Closing the expectation gap in audit – The way forward on fraud and going concern: A multi-stakeholder approach. The report provides recommendations on how to narrow the expectation gap in the areas of fraud and going concern, based on feedback from virtual roundtables held across the globe. Read the report for full details.

The AASB discussed issues related to Technology, Future-oriented Financial Information, Quality Management, the evolution of assurance, CUSP, AASB processes, and the IESBA’s “public interest entity” definition. Read the Summary for more.