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On January 9, 2023, the Accounting Standards Board (AcSB) of Canada and Accounting Standards Board of Japan (ASBJ) held their fourth bilateral meeting in Toronto. The Boards provided updates on their activities and discussed topics of mutual interest, such as crypto assets. Representatives from Financial Reporting & Assurance Standards Canada’s sustainability standards team and the Sustainability Standards Board of Japan (SSBJ) also attended the meeting. They shared updates on their activities and discussed the connectivity between sustainability and financial reporting. Read the press release, available in English.

Canada was appointed as one of 13 jurisdictions and regions from around the world to form the new Sustainability Standards Advisory Forum (SSAF). The SSAF will work with the International Sustainability Standards Board (ISSB) towards a comprehensive global baseline of sustainability-related disclosure for capital markets.

The time has come to recruit the inaugural chair of the new CSSB. A visible and experienced leader in the sustainability reporting community, the Chair will support recruitment of board members and establish the CSSB’s first multi-year strategic plan in their initial months in the role. Applications are due November 15, 2022. 

With 13 members newly appointed, the Canadian Sustainability Standards Board (CSSB) Implementation Committee has begun its work to develop the initial institutional structure for this new standard-setting board. Membership includes representation from both of Canada’s standard-setting oversight councils and subject matter experts in sustainability from across the country. 

AcSOC and AASOC formulated their response to the ISSB’s “General Sustainability-related Disclosures” Exposure Draft, using feedback gathered from an extensive cross-section of Canadian stakeholders through various forums. Read our comment letter for Canada’s response to the Exposure Draft which includes feedback to issues such as: the overall approach to sustainability-related risks and opportunities disclosure, objectives and definition of sustainability-related financial information, materiality, global baseline, frequency of reporting, and more.

AcSOC and AASOC formulated their response to the ISSB’s “Climate-related Disclosures” Exposure Draft, using feedback gathered from an extensive cross-section of Canadian stakeholders through various forums. Read our comment letter for Canada’s response to the proposed objective of the Exposure Draft, requirements for identifying climate-related risks and opportunities, scenario analysis, transition plans and carbon offsets and more.

ISSB’s Exposure Draft, IFRS S2 Climate-related Disclosures is now available for download in French. Chartered Professional Accountants of Canada undertook the official translation for stakeholders worldwide – as part of their ongoing funding support standard setting. Access the Exposure Draft in English or French and submit your comments by July 29, 2022.

ISSB’s Exposure Draft, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is now available in French. Chartered Professional Accountants of Canada undertook the official translation for stakeholders worldwide – as part of their ongoing funding support standard setting. Access the Exposure Draft in English or French and submit your comments by July 29, 2022. 

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.

Financial Reporting & Assurance Standards Canada is embarking on a consultation project to solicit feedback from Canadians on the ISSB’s Exposure Draft, “IFRS S2 Climate-related Disclosures.” Take part in our short, online surveys to easily share your comments with us.

Your feedback will inform the response letter sent to the ISSB by Canada’s standard-setting oversight councils. Ensuring Canadian perspectives are heard by the ISSB helps to ensure our country’s unique issues and perspectives are considered before a final standard is issued.