Formation of a new Canadian Sustainability Standards Board

In November, 2021, a new International Sustainability Standards Board (ISSB) was announced to set standards for sustainability reporting. As a Canadian Response, the Independent Review Committee on Standard Setting in Canada is working to review the governance and structure for existing Canadian accounting, auditing, and assurance standards and to identify what might be needed for the future – specifically sustainability standards.

“Our goal is to ensure that Canadian standard setting continues to be relevant and responsive, as well as independent and internationally recognized,” explains Edward J. Waitzer, Chair of the Independent Review Committee. “As a result, we think it is critical to establish a Canadian Sustainability Standards Board that works alongside Canada’s existing accounting, auditing, and assurance standards bodies.” A Canadian Sustainability Standards Board (CSSB) will also liaise with the new ISSB, ensuring that the Canadian perspective is part of international decision making.

The CSSB will be issuing a consultation paper in early December 2021 that will outline its thinking on why a Canadian Sustainability Standards Board is important, seeking comment on the design of such a standard-setting body and other key matters it sees as being relevant to existing standard-setting processes.

The paper will be open for public comment until February 28, 2022 and the committee hopes to actively engage with a broad range of stakeholders.

Feedback will drive the final recommendations the committee makes next summer to Canada’s accounting and auditing oversight councils, who will ultimately decide how the recommendations should be implemented.

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