The Canadian Sustainability Standards Board (CSSB) has proudly released its initial proposed Canadian Sustainability Disclosure Standards (CSDS), which is a major step forward for sustainability reporting in Canada.
The proposed standards are meant to establish a new standard for sharing sustainability-related information, making it easier to compare and evaluate.
“By introducing the first proposed Canadian Sustainability Disclosure Standards, we are making significant progress towards ensuring that sustainability is an integral part of our economy, not just a trendy term,” says Charles-Antoine St-Jean, Chair, CSSB. “Our aim is to enable organizations to effectively communicate their sustainability performance and drive meaningful action for a more sustainable future for everyone.“
About the Consultation
The International Sustainability Standards Board (ISSB) released its first standards in June 2023 – IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2, Climate-related Disclosures.
In line with the global standards set by ISSB, CSSB’s proposed CSDS 1 and CSDS 2 align with IFRS S1 and S2, but with suggested modifications specific to Canada. Also available for public comment is a paper discussing how CSSB intends to introduce changes, if necessary, to IFRS Sustainability Disclosure Standards for use in Canada.
Proposed modifications to CSDS 1 and CSDS 2 include Canadian-specific effective dates and transition relief proposals to facilitate the eventual implementation of the standards.
