News Listings

As the pace of progress in sustainability disclosures continues to accelerate, the Accounting Standards Oversight Council (AcSOC) and Auditing and Assurance Standards Oversight Council (AASOC) mutually approved the formation of the Canadian Sustainability Standards Board (CSSB). Read the media release to learn more about what this means for Canada.

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.

The Council met on February 11-12, 2021 to receive an update on the Boards’ activities. Read the full report for more information. 

Private and public institutions across the country have come together to offer Canada as the global headquarters for the new International Sustainability Standards Board (ISSB). The offer was facilitated by CPA Canada and formally submitted by the Government of Canada to the IFRS Foundation this week, backed by organizations such as pension funds, financial institutions, securities regulators, a leading First Nations organization, accounting firms, insurance companies, and other large Canadian companies, along with the support of the country’s six largest municipalities and a broad cross-sector of Canada’s leading business, academic, and environmental stakeholder organizations. 

The Council met on October 29-30, 2020 to receive an update on the Boards’ activities. Read the full report for more information.

The Accounting Standards Oversight Council (AcSOC) and Auditing and Assurance Standards Oversight Council (AASOC) have initiated a review of Canadian standard setting. The Independent Review Committee on Standard Setting in Canada was formed to review of the governance and structure for establishing accounting, auditing, and assurance standards, as well what might be needed for the future – including sustainability standards.