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A major step forward in the advancement of sustainability reporting in Canada has been reached with the introduction of the first proposed Canadian Sustainability Disclosure Standards (CSDS), which the Canadian Sustainability Standards Board (CSSB) is pleased to announce.
By creating a new standard for the disclosure of sustainability-related data, the proposed guidelines want to make the process more uniform and comparable.
In order to promote the implementation of sustainability disclosure standards in Canada, the Canadian Sustainability Standards Board (CSSB) was established. With adjustments made to better serve the interests of the Canadian public, the CSSB creates Canadian Sustainability Disclosure Standards (CSDS) that are in accordance with the international baseline standards created by the International Sustainability Standards Board (ISSB).
About the Consultation
The first standards, IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information, and IFRS S2, Climate-related Disclosures, were released by the International Sustainability Standards Board (ISSB) in June 2023.
The CSSB’s proposed CSDS 1 and CSDS 2, which are dedicated to the worldwide baseline set by the ISSB, are in accordance with IFRS S1 and S2, but with recommendations for revisions unique to Canada. A document outlining the CSSB’s proposal to amend the IFRS Sustainability Disclosure Standards for use in Canada, if necessary, is also open for public comment.
In order to facilitate the standards’ ultimate adoption, transition relief ideas and effective dates unique to Canada are included in the proposed revisions to CSDS 1 and CSDS 2.
Public Consultation Details
The CSSB is conducting a thorough public consultation process and is seeking input and suggestions from all interested parties. When the standards are finalized, a wide range of viewpoints will be taken into account thanks to this inclusive approach.
The CSSB appreciates everyone’s feedback and is eager to have thoughtful conversations to improve and hone the suggested standards. Feedback on each idea must be sent by June 10, 2024, and there are several ways to do so.
About the CSSB
In order to promote the implementation of sustainability disclosure standards in Canada, the Canadian Sustainability Standards Board (CSSB) was established. With adjustments made to better serve the interests of the Canadian public, the CSSB creates Canadian Sustainability Disclosure Standards (CSDS) that are in accordance with the international baseline standards created by the International Sustainability Standards Board (ISSB).