Canadian Sustainability Standards Board Consultation

AUTHOR – Palita Timm

Earlier this month, the Canadian Sustainability Standards Board (CSSB) announced that they would be launching a public consultation to accelerate the adoption of sustainability standards in Canada. The CSSB, which sits under the Financial Reporting and Assurance Standards (FRAS) of Canada, is to oversee the development and implementation of Canadian Sustainability Disclosure Standards (CSDS). The CSSB’s goal is to have the CSDS align with the International Sustainability Standard Board’s (ISSB) IFRS S1 and S2. However, the CSDS will have modifications to better serve Canadian public interest. It is these Canada-specific modifications that the board will be consulting on.

In March 2024, three key documents will be issued for public comment that will shape Canada’s first sustainability standards: drafts of the proposed CSDS 1 and CSDS 2 and a paper discussing how the CSSB proposes to introduce changes to IFRS Sustainability Disclosure Standards for use in Canada. Some of the proposed modifications include an effective date that will be Canadian-specific as well as proposals for transition relief to aid in the eventual implementation of the standards. The consultation period is expected to close in June.

This is a major step forward for Canada, as the country has yet to develop or implement any major sustainability disclosure standards. The ISSB’s aim with IFRS S1 and S2 was for the standards to act as an ultimate global sustainability reporting baseline. Since this, many countries and jurisdictions have begun to adopt and integrate the standards into their own reporting standards. Ecometrica, part of EcoOnline Global, will participate in the public consultation of the CSDS by providing our expertise and ensuring that the adoption of the standards will transition well into the Canadian market.

Reading Time: 2 Minutes

Date Published: February 29, 2024

Share:

TLDR:

Earlier this month, the Canadian Sustainability Standards Board (CSSB) announced that they would be launching a public consultation to accelerate the adoption of the Canadian Sustainability Disclosure Standards (CSDS) that will be modelled after IFRS S1 and S2 with Canadian-specific modifications proposed.

Tags

Tags: , ,
Go to Top