ThinkTWENTY20

For the first time in over twenty years, a comprehensive review of the governance and structure of standard setting in Canada has been launched. The major initiative has been announced and was initiated by the Auditing and Assurance Standards Oversight Council (AASOC) and the Accounting Standards Oversight Council (AcSOC).

The overriding purpose of the review, to be delivered in one year, is to ensure the Canadian standards setting process remains relevant to stakeholders and takes into consideration recent changes in the international arena. An important change internationally is the formation of the International Sustainability Standards Board ISSB by the IFRS trustees. Included in the terms of reference of the review is the potential formation of a Canadian Sustainability Standards Board (CSSB), truly a monumental change in Canadian standards setting because it would bring sustainability standards fully into the mainstream and have the potential of leading significant change to corporate reporting.

For more on these developments, check out these links:

News release:
https://www.newswire.ca/news-releases/accounting-and-auditing-standards-oversight-councils-initiate-review-of-standard-setting-in-canada-801793361.html

Terms of Reference:
https://www.frascanada.ca/en/independent-standard-setting-review/terms-of-reference

Watch for more on this in the ThinkTWENTY20 Website.