Canadian Sustainability Disclosure Standards

Adoption of CSDS 1 and CSDS 2 based on IFRS S1 and IFRS S2

Summary

The Canadian Sustainability Standards Board (CSSB) is working to advance the adoption of sustainability disclosure standards in Canada.

The CSSB acknowledges the importance of IFRS Sustainability Disclosure Standards as issued by the International Sustainability Standards Board (ISSB). As a result, the CSSB is developing Canadian Sustainability Disclosure Standards (CSDS) that align with the global baseline – but with modifications in the Canadian public interest.

This project is focused on developing CSDS 1, General Requirements for Disclosure of Sustainability-related Financial Information, and CSDS 2, Climate-related Disclosures, which will align with IFRS S1 and S2 but with modifications proposed to reflect Canadian needs.

Staff Contact(s)

Omolola Fashesin, MBA, CPA, FCCA, FSA Principal, Sustainability Standards

+1 647 956 7339

[email protected]

Project Status

Information gathering

FRAS Canada staff consulted the market on the ISSB’s IFRS S1 and S2 Exposure Drafts in 2022

Recurring themes were identified through analysis of IFRS S1 and S2 responses submitted from Canada to the ISSB

The regulatory landscape was reviewed to understand decisions that could influence sustainability disclosures in the country
Approving project

In November 2023, the CSSB confirmed its intention to advance the adoption of sustainability standards in Canada through a consultation in 2024
Engaging Communities

In March 2024, the CSSB issued Exposure Drafts of the proposed CSDS 1 and CSDS 2
Deliberating feedback

The CSSB is currently deliberating feedback on the Exposure Drafts
Final pronouncement

Feedback Statement – Criteria for Modification, CSDS 1 and CSDS 2

The Feedback Statement summarizes the responses received from the CSSB’s extensive public consultation on Canada’s first-ever sustainability disclosure standards. Read about who responded and what they said. Thanks to your valuable input, we are on track to issue CSDS 1 and CSDS 2 in December 2024. Stay tuned for a separate report based on Indigenous participation and feedback related to Indigenous matters.

Read Now

News

See all news

October 22, 2024

News

Media Release – Canadian Sustainability Standards Board Releases Feedback Statement on Proposed Sustainability Disclosure Standards

The CSSB has released its Feedback Statement summarizing the responses received from its extensive public consultation on Canada’s first-ever sustainability disclosure standards. CSDS 1 and CSDS 2 are now set for release in December 2024.

October 21, 2024

Resource

Feedback Statement – Criteria for Modification, CSDS 1 and CSDS 2

The Canadian Sustainability Standards Board (CSSB) is pleased to announce the release of its Feedback Statement summarizing the responses received from its extensive public consultation on Canada’s first-ever sustainability disclosure standards. Read about who responded and what they said. Stay tuned for a separate report based on Indigenous participation and feedback related to Indigenous matters.

April 10, 2024

Resource, Webinar

On-demand Webinar – Proposed Canadian Sustainability Disclosure Standards and Criteria for Modification Framework

Watch our on-demand webinar to learn about the Exposure Drafts on proposed Canadian Sustainability Disclosure Standards (CSDS) 1 & 2, and to help prepare your response for our key documents.

March 13, 2024

Document for Comment, News

CSSB Exposure Draft - Canadian Sustainability Disclosure Standard (CSDS) 1: General Requirements for Disclosure of Sustainability-related Financial Information

The Canadian Sustainability Standards Board (CSSB) wants your feedback on its Exposure Draft, CSDS 1, General Requirements for Disclosure of Sustainability-related Financial Information. Read our Exposure Draft and submit your comments to have your say in the adoption of sustainability disclosure standards in Canada. We welcome feedback until June 10, 2024.

March 13, 2024

Document for Comment, News

CSSB Exposure Draft - Canadian Sustainability Disclosure Standard (CSDS) 2: Climate-related Disclosures

The Canadian Sustainability Standards Board (CSSB) wants your feedback on its Exposure Draft, CSDS 2, Climate-related Disclosures. The Standard includes proposed requirements for disclosing climate-related risks and opportunities. Read our Exposure Draft and submit your comments to have your say in the adoption of sustainability disclosure standards in Canada. We welcome feedback until June 10, 2024.

March 13, 2024

Resource, In Brief

In Brief – A plain and simple overview of the recently issued Exposure Drafts, “Canadian Sustainability Disclosure Standard (CSDS) 1, General Requirements for Disclosure of Sustainability-related Financial Information” and “CSDS 2, Climate-related Disclosures”

The CSSB has issued two Exposure Drafts, “CSDS 1, General Requirements for Disclosure of Sustainability-related Financial Information,” and “CSDS 2, Climate-related Disclosures.” This webpage provides a plain and simple overview of the Exposure Drafts and ways you can provide your input.

March 13, 2024

News

Media Release – Canadian Sustainability Standards Board Announces First Canadian Sustainability Disclosure Standards for Public Consultation

Canada’s first proposed Canadian Sustainability Disclosure Standards (CSDS) are out for public comment until June 10, 2024. Exposure Drafts on CSDS 1, General Requirements for Disclosure of Sustainability-related Financial Information, and CSDS 2, Climate-related Disclosures align with the 2023-released IFRS S1 and S2 global baselines, with modifications introduced to align with Canadian-specific needs. Also out for comment is a paper discussing how the CSSB proposes to introduce changes, if required, to IFRS Sustainability Disclosure Standards for use in Canada. The Board will be offering a variety of ways to take part in the consultation, ensuring a wide range of perspectives are considered before finalizing the proposals.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.