Canada Proposes IFRS-Based Sustainability Reporting Standards

Posted on March 22, 2024 by Editor

The Canadian Sustainability Standards Board (CSSB) has unveiled proposed standards aligned with the International Financial Reporting Standards (IFRS) Foundation’s International Sustainability Standards Board (ISSB).

This marks a significant stride towards mandatory climate-related reporting requirements for Canadian firms, following directives from Prime Minister Justin Trudeau and regulatory actions by the Office of the Superintendent of Financial Institutions (OSFI).

The CSSB’s proposed standards, including CSDS 1 and CSDS 2, closely mirror IFRS S1 and S2, introducing Canadian-specific modifications. Notably, the effective date has been postponed by a year, with extended relief provisions for certain disclosure requirements. CSSB Chair Charles-Antoine St-Jean emphasised the goal of fostering meaningful sustainability action and communication.

The Canadian Securities Administrators (CSA) have expressed interest in incorporating the CSSB standards into Canadian securities legislation, pending feedback.

Stakeholders are encouraged to participate in the consultation process by 10 June. How will XBRL International be phrasing our feedback? We will very politely suggest that (a) Canada get with the digital program, and (b) notwithstanding their decision to repackage the ISSB standards, that they ensure the relevance and utility of their new disclosures by using the ISSB taxonomy as a digital baseline.

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