August 2022

AcSOC and AASOC comment on the ISSB’s two Exposure Drafts

Aug 15, 2022

On August 15, 2022, the Ac­count­ing Stan­dards Over­sight Coun­cil (Ac­SOC) and the Au­dit­ing and As­sur­ance Stan­dards Over­sight Coun­cil (AASOC) posted copies of their comment letters on the International Sustainability Standards Board’s (ISSB’s) two Exposure Drafts.

The AcSOC and AASOC formulated their response to the ISSB’s “General Sustainability-related Disclosures” Exposure Draft, using feedback gathered from an extensive cross-section of Canadian stakeholders through various forums. Read their comment letter for Canada’s response to the Exposure Draft which includes feedback to issues such as: the overall approach to sustainability-related risks and opportunities disclosure, objectives and definition of sustainability-related financial information, materiality, global baseline, frequency of reporting, and more.

The AcSOC and AASOC formulated their response to the ISSB’s “Climate-related Disclosures” Exposure Draft, using feedback gathered from an extensive cross-section of Canadian stakeholders through various forums. Read their comment letter for Canada’s response to the proposed objective of the Exposure Draft, requirements for identifying climate-related risks and opportunities, scenario analysis, transition plans and carbon offsets and more.

CPAB Responds to the ISSB’s Exposure Drafts

Aug 08, 2022

On August 8, 2022, the Cana­dian Pub­lic Ac­count­abil­ity Board (CPAB) posted a copy of its response letter in respect of the ISSB’s Exposure Drafts, “General Requirements for Disclosure of Sustainability‐related Financial Information” and “Climate‐related Disclosures”.

CPAB notes that it is supportive of the ongoing work of the ISSB to deliver a comprehensive global baseline of sustainability‐related disclosure standards and the overall objective to require entities to disclose information about significant sustainability‐related risks and opportunities. The reliability of sustainability‐related reporting is important and CPAB supports moving toward assurance requirements for certain of these disclosures. As assurance providers and regulators begin to encounter sustainability‐related disclosures more frequently, CPAB anticipates they may face some challenges in determining whether the entity has complied with the proposals the ISSB has outlined. These challenges are discussed in CPAB’s response.

Re­view the response letter on the CPAB’s web­site.

IASB publishes a short video on the results of its Agenda Consultation

Aug 10, 2022

On July 29, 2022, the International Accounting Standards Board (IASB) concluded its third agenda consultation by releasing a feedback statement. In a video now released, IASB Chair Andreas Barckow discusses the reasons for the IASB’s decisions as result of the agenda consultation and how the IASB responded to the extensive feedback from its diverse stakeholders.

Please click to access the video (approx. 4 minutes) on YouTube. To review the feedback statement click here.

ISSB receives global response on proposed sustainability disclosure standards

Aug 05, 2022

On August 5, 2022, the International Sustainability Standards Board (ISSB) issued a press release advising that it has received more than 1,300 comment letters on its two proposed sustainability disclosure standards.

The ISSB has received more than 600 responses to its draft Climate disclosure standard and close to 700 responses to its draft General Requirements disclosure standard. During the 120-day comment period, ISSB representatives participated in more than 400 outreach events, engaging with thousands of stakeholders globally.

A preliminary review of the comment letters confirms feedback originating from jurisdictions spanning six continents. Comments came from a range of stakeholder groups including academics; accountancy bodies and audit firms; investors; preparers; public interest bodies; regulators; and standard-setters.

In accordance with IFRS Foundation's due process, the ISSB will now assess and discuss the comments in its Board meetings. All responses to the consultations are available on the comment letter pages of the projects.

Re­view the press re­lease on the IFRS Foun­da­tion's web­site.

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