Meeting Minutes
The Reporting and Assurance Standards Oversight Council (the Oversight Council) held an in-person meeting on November 5-6, 2025. The following minutes relate to the public session held on November 5, 2025.
Call to Order and Opening
After an in-camera session for members, the Oversight Council Chair, Richard Talbot, called the meeting to order at 10:40 a.m. (EST). The Chair delivered opening remarks and shared a land acknowledgment.
Public Sector Accounting Board (PSAB) Update
Clyde MacLellan, PSAB Chair, and Michael Puskaric, Director of Public Sector Accounting Standards, presented an update on the Board’s activities between June 2025 and November 2025. Mr. MacLellan reported that a new Chair for the International Public Sector Accounting Standards Board (IPSASB) has been appointed, effective January 2026. He described the growing global adoption of international standards and expected PSAB to maintain strong relationships with IPSASB and participate in international feedback and priority setting.
Planning has begun on PSAB’s 2028-2033 Strategic Plan, with the development of themes and approaches. The Board opted for an evergreen model, with input from public consultations, that aligns with its International and Government Not-for-Profit Strategies. Staff will present a draft for the Board’s consideration at the December meeting. Consultation will be scheduled for the summer.
The Intangible Assets, Employee Benefits, and Cloud Computing Arrangements projects were selected based on public consultation and strategic priorities. PSAB uses feedback from interested and affected parties to guide project focus, ensuring alignment with public interest and international standards.
In December 2025, PSAB is set to approve Section PS 3251, Employee Benefits, concluding Phase 1 of the Employee Benefits project. The new standard will retain a differentiated discount rate model for the public sector, distinct from private sector and international standards. The process involved extensive consultation, preliminary Board votes, and consideration of divergent views.
An accounting guideline on cloud computing arrangements is being developed in conjunction with the Intangible Assets project, and a task force is addressing complex issues. PSAB expects to issue a guideline, rather than a stand-alone standard, using approaches from other Boards and adapting international principles.
PSAB monitors risks, such as acceptance risk, noting that not all entities are legislatively required to apply standards. The Board relies on voluntary adoption and mitigates risk through broad consultation and consideration of input from interested and affected parties, aiming for general acceptance and trust in the standards.
There were no reportable departures from due process between June and November 2025.
Auditing and Assurance Standards Board (AASB) Update
Bob Bosshard, AASB Chair, and Karen DeGiobbi, Director of Auditing and Assurance Standards, presented an update on the Board’s activities between June and October 2025.
The AASB hosted a joint roundtable with the International Audit and Assurance Standards Board (IAASB), focusing on the use of artificial intelligence (AI) and emerging technologies in audit practice. The session included practitioners, regulators, software manufacturers, academics, and others. Discussions addressed how large firms use AI, the challenges for small practitioners, and the implications for audit quality and market participation. The IAASB is considering guidance to ensure standards remain robust and responsive to technological change, balancing public interest and market access. The Oversight Council requested regular updates from the Chair on developments in AI and emerging technologies, including the governance and practice implications for audit and assurance standards.
The Sustainability Assurance project underwent a re-exposure process to consult with Indigenous Peoples. The AASB is addressing feedback and balancing diverse views, aiming to finalize the standard in alignment with international timelines and minimize confusion in practice. The Oversight Council expressed its continued interest in updates on how the Board is responding to feedback and whether it impacts the timing of finalizing Canadian Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements.
The AASB monitors risks, such as the effectiveness of its involvement in the international standard-setting process and identifies mitigation strategies to manage these risks.
There were no reportable departures from due process between June and October 2025.
Accounting Standards Board’s (AcSB) Update
Armand Capisciolto, AcSB Chair, and Katharine Christopoulos, Director of Accounting Standards, provided an update on the Board’s activities between June and October 2025. The AcSB hosted International Accounting Standards Board members in Canada, who met with Canadian interested and affected parties. The AcSB also met with the Canadian Security Administrators’ Chief Accountants Committee. This annual meeting is critical to maintaining a strong relationship with the Committee.
The AcSB is drafting its 2027-2032 Strategic Plan that will be issued for comment in the first half of 2026. The Board will present the draft strategic plan to the Oversight Council in February 2026.
The AcSB monitors risks, including staff resourcing. The Board is operating at full capacity, prioritizing projects based on available resources, and adjusting plans for emerging issues. The Oversight Council discussed the challenges of project deferrals and resource allocation. Acceptable risk is monitored, especially for domestic standards.
The Oversight Council raised concerns about the Financial Reporting and Assurance Standards (FRAS) Canada website and its impact on consultation and communication. FRAS Canada is actively seeking solutions, relying more on social media and is planning for a website overhaul as part of broader organizational changes.
There were no reportable departures from due process between June and October 2025.
Canadian Sustainability Standards Board (CSSB) Update
Wendy Berman, CSSB Chair, and Lisa French, Vice-President, Sustainability Standards, presented an update on the Board’s activities between June and October 2025. The Board is in the process of establishing two advisory committees: the Sustainability Standards Advisory Committee and the Sustainability Technical and Implementation Committee. They will facilitate dialogue, gather expertise, and guide future planning and resource allocation for sustainability disclosures.
The CSSB introduced an enhanced outreach strategy to communicate the value of sustainability disclosure standards and to identify and address challenges Canadian companies face. The strategy includes targeted outreach to key Canadian companies, government agencies, industry associations, and influential asset owners. As part of this initiative, the Board is co-hosting a high-profile event with United Nations–supported Principles for Responsible Investment to take place during Canada’s inaugural Climate Week Xchange. Key speakers at the event will include the CEO of the Ontario Securities Commission, the Superintendent of the Office of the Superintendent of Financial Institutions, and the Superintendent of Securities Markets and Distributions of the Authorité des marché financiers. More than 110 in-person and 150 virtual participants have registered.
In terms of standard-setting activities, the International Sustainability Standards Board (ISSB) approved technical and narrow-scope amendments to IFRS S2 Climate-related Disclosures, with plans to publish in December. The CSSB is preparing corresponding amendments and expects to issue an exposure draft in January 2026.
The ISSB has proposed the first phase of amendments to the SASB Standards, including proposed amendments to nine priority industry standards and to align metrics in a further 41 industries. Given the proposed amendments’ complexity and the limited consultation period, the CSSB engaged in targeted communications, focusing on the amendments related to the oil and gas and mineral extractive sectors to align with Canada’s economic interests. The CSSB assessed the project as medium risk due to potential misalignment with domestic standards.
The CSSB is developing its Indigenous rights-related sustainability disclosures project and is currently working to address the project structure to best ensure Indigenous voices are included throughout the project and in any standards or guidance issued.
The Oversight Council reviewed the key risks in sustainability disclosure standard setting and mitigation strategies, including the risk of non-acceptance of standards and geopolitical influence on sustainability disclosures.
There were no reportable departures from due process between June and October 2025.
Adjournment
Having no further business, the Oversight Council adjourned the public meeting at 1:50 p.m. EST and moved to an in-camera session.