Meeting Minutes
The Reporting and Assurance Standards Oversight Council (the Oversight Council) met in person on February 4-5, 2026. The following minutes relate to the public session, held on February 4, 2026.
Call to Order and Opening Remarks – February 4, 2026
After an in-camera session for members, the Oversight Council Chair, Richard Talbot, called the meeting to order at 9:38 a.m. (EST). The Chair delivered opening remarks and shared a land acknowledgment.
Approval of the Consent Agenda
The following items were presented in the consent agenda for information:
- Oversight Council follow-up items;
- 2026-2027 Oversight Council meeting dates; and
- draft Oversight Council terms of reference.
PSAB Chair’s Update and Draft Annual Plan
Clyde MacLellan, Public Sector Accounting Board (PSAB) Chair, and Michael Puskaric, Director of Public Sector Accounting Standards, presented an update on the Board’s activities since December 2025. The update highlighted progress on the Employee Benefits project, including approval of phase one and plans to begin phase two, which will focus on hybrid and risk‑adjusted pension plans. The Board noted challenges in developing principle‑based guidance given the diversity of plan designs.
The Oversight Council discussed implementation considerations, including the clarity and application of standards for entities with limited capacity. The PSAB Chair noted that resource constraints and access to expertise can affect adoption and that the role of non‑authoritative guidance continues to be considered as part of its strategic planning.
The PSAB Chair also reported on ongoing work related to Indigenous engagement, including the Indigenous Advisory Group’s focus on issues affecting smaller Indigenous communities. The Oversight Council discussed the importance of appropriate support mechanisms and the allocation of responsibilities between standard‑setting and advisory bodies.
The Oversight Council reviewed the draft annual plan and project dashboard, including updates on Intangible Assets, Cloud Computing Arrangements, and Government Not-for-Profit projects. There were no reportable departures from due process between December 2025 and February 2026, and the Oversight Council had no comments on the draft annual plan.
AASB Chair’s Update and Draft Annual Plan
Bob Bosshard, Auditing and Assurance Standards Board (AASB) Chair, and Karen DeGiobbi, Director of Auditing and Assurance Standards, presented an update on the Board’s recent activities since November 2025. The update focused on emerging issues, including the impact of technology, sustainability assurance developments, and international standard-setting activities.
The AASB Chair reported continued monitoring of the effects of artificial intelligence (AI), automation, and data analytics on audit practices. The Board is assessing whether additional guidance may be required, which would support differences in technology adoption across practitioners. The Oversight Council discussed whether existing risk and control standards sufficiently address these developments and noted increasing interest by listed entities in assurance over AI governance.
The Oversight Council reviewed international developments, including recent collaboration between the International Auditing and Assurance Standards Board (IAASB) and International Ethics Standards Board for Accountants on strategy development for 2028-2031. The AASB noted a shift toward stronger international cooperation. The AASB also provided an update on its work related to the International Standard on Sustainability Assurance (ISSA) 5000, including ongoing engagement with Indigenous communities and an extension of the Canadian project timeline to address implementation challenges identified through re‑exposure feedback.
The Oversight Council discussed risks related to adoption of sustainability assurance standards and the evolving relationship between the Public Company Accounting Oversight Board and the IAASB. The AASB indicated that while earlier concerns had been raised regarding international alignment, recent dialogue has emphasized the importance of collaboration in the assurance space.
The Oversight Council also inquired about the timing of defining a Public Interest Entity in Canada. The AASB confirmed it will defer this work pending decisions by the Canadian Ethics Standard Setters, given differences in international terminology and the Canadian context.
There were no reportable departures from due process between November 2025 and January 2026.
The AASB Chair presented the Board’s draft 2026-2027 annual plan. He highlighted that the work plan continues to be significantly influenced by the IAASB’s agenda, with additional emphasis on targeted outreach, maintaining international influence, and responding to emerging environmental and technological developments. The Oversight Council discussed the importance of information‑sharing mechanisms across standard‑setting boards and noted that multiple formal and informal touchpoints are in place.
CSSB Chair’s Update and Draft Annual Plan
Wendy Berman, Canadian Sustainability Standards Board (CSSB) Chair, and Jo-Anne Matear, Director of Sustainability Standards, provided an update on the Board’s activities since November 2025. Key developments included amendments to Canadian Sustainability Disclosure Standards, aligned with recent International Sustainability Standards Board (ISSB) changes, and continued efforts to support market adoption through targeted outreach and the establishment of external advisory committees.
The CSSB Chair reported ongoing work on Indigenous Peoples’ rights in sustainability disclosures, emphasizing the importance of meaningful Indigenous engagement and ensuring Indigenous leadership, knowledge, and guidance is embedded in this work. The Oversight Council discussed terminology and approaches to Indigenous participation, noting the importance of context and ongoing dialogue as practices evolve.
The Oversight Council reviewed international developments, including upcoming ISSB projects and the pace of global sustainability standard setting. The CSSB Chair noted that the volume and speed of international activity present planning and capacity challenges, requiring prioritization and flexibility.
The Oversight Council raised questions regarding mandate, scope, emerging adoption trends and collaboration with PSAB on public sector sustainability and implementation relief related to greenhouse gas emission disclosures. The CSSB Chair confirmed regular coordination with PSAB and ongoing monitoring of market developments.
The Oversight Council reviewed key risks, including innovation and credibility risks, with mitigation strategies underway. There were no reportable departures from due process between November 2025 and January 2026. The Oversight Council provided general feedback on the draft 2026-2027 annual plan, including encouraging engagement with the ISSB where feasible to manage project overlap.
AcSB Chair’s Update and Draft Annual Plan
Armand Capisciolto, Accounting Standards Board (AcSB) Chair, and Katharine Christopoulos, Director of Accounting Standards, provided an update on Board activities since October 2025. The update covered domestic and international engagement, including outreach related to Part IV of the CPA Canada Handbook – Accounting Standards for Pension Plans priorities and ongoing collaboration with international standard‑setters.
The AcSB reported progress on the Retractable or Mandatorily Redeemable Shares project’s post‑implementation review and confirmed that recent reviews did not result in additional standard‑setting actions. The Board continues to monitor identified application issues through its Guidance Framework. International developments were discussed, including engagement on International Accounting Standards Board exposure drafts and monitoring of potential regulatory developments in the United States that could affect Canadian entities. There were no reportable departures from due process between October 21, 2025, and February 5, 2026.
The Oversight Council reviewed the draft 2026-2027 annual plan, highlighting continued work on domestic projects, international projects, and research initiatives. The Oversight Council discussed the balance between financial statement content and other disclosures, noting ongoing international debates and the importance of maintaining clarity in the boundary of financial statements.
Adjournment of Public Session
The public session concluded at 2:20 p.m. Having no further business, the meeting adjourned at 3:00 p.m.