CSSB publishes exposure drafts for first Canadian Sustainability Disclosure Standards
14 Mar 2024
The Canadian Sustainability Standards Board (CSSB) has published its proposals for the first Canadian Sustainability Disclosure Standards (CSDSs) based on IFRS S1 and IFRS S2. The consultation period is open until 10 June 2024.
The package comprises three consultation papers:
- Proposed Criteria for Modification Framework
- Proposed CSDS 1 General Requirements for Disclosure of Sustainability-related Financial Information
- Proposed CSDS 2 Climate-related Disclosures
The proposed Criteria for Modification Framework presents the basis on which the CSSB could introduce changes to the ISSB standards. These criteria ensure that Canadian standards align with international standards while addressing Canadian public interest.
The proposed CSDS 1 and CSDS 2 are based on IFRS S1 and IFRS S2 with the following modifications:
- The proposed effective dates for CSDS 1 and CSDS 2 have been extended by one year compared to that of IFRS S1 and IFRS S2 (i.e. the proposed standards would become voluntarily effective for annual reporting periods beginning on or after 1 January 2025);
- The proposed transition relief for disclosures beyond climate-related risks and opportunities has been extended from one year to two years;
- The proposed requirements to disclose comparative information have been changed to align with the proposed modification for the transition relief; and
- The proposed transition relief for disclosure of Scope 3 GHG emissions has been extended from one year to two years.
Please click to access the following on the Financial Reporting and Assurance Standards (FRAS) Canada website:
- Press release
- Proposed Criteria for Modification Framework
- Proposed CSDS 1
- Proposed CSDS 2
- In Brief — A plain and simple overview of the recently issued Exposure Drafts
Note: On 10 April 2024, the CSSB offers a webinar on the proposed new standards. Please click for more information here.