Accounting, Audit and Assurance Standards Oversight Councils announce Canadian Sustainability Standards Board
Jun 15, 2022
On June 15, 2022, as the pace of progress in sustainability disclosures continues to accelerate, the Accounting Standards Oversight Council (AcSOC) and Auditing and Assurance Standards Oversight Council (AASOC) mutually approved the formation of the Canadian Sustainability Standards Board (CSSB).
The recommendation to form the CSSB was put forth by the Independent Review Committee on Standard Setting in Canada (IRCSS), which is currently conducting a review of the governance and structure for establishing Canadian accounting, auditing, and assurance standards, as well as what might be needed for the future – such as sustainability standards.
The committee's review was initiated by AcSOC and AASOC in May 2021 and is set to culminate with a final recommendation report this summer.
To support the significant work effort to establish a new board, the oversight councils are forming an implementation committee to develop the necessary groundwork for the CSSB. This includes establishing the recruitment process for a chair and board members, defining governance and process-related considerations, and more. The aim is to have a fully operational CSSB by April 1, 2023.
Review the press release to learn more about what this means for Canada.
