The Canadian Sustainability Standards Board (CSSB) was established to serve the public interest by setting and maintaining high-quality sustainability disclosure standards for Canadian entities and by contributing to the development of high-quality, internationally recognized sustainability disclosure standards.
On June 26, 2023, the International Sustainability Standards Board (ISSB) released its first two IFRS Sustainability Disclosure Standards, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.
Recognizing the significance of these standards, the CSSB has established criteria for modifying the IFRS Sustainability Disclosure Standards when formulating Canadian standards based on them. In fulfilling its role of serving the public interest and upholding the quality of sustainability disclosure in Canada, the CSSB may introduce additions, deletions and/or amendments to an IFRS Sustainability Disclosure Standard.
To facilitate transparency, the CSSB has released this Consultation Paper, detailing the proposed Criteria for Modification Framework. This Framework outlines the criteria that the Board intends to adopt. The Board invites feedback from interested and affected parties in Canada to ensure a comprehensive and inclusive review process.
The CSSB’s proposed Criteria for Modification Framework presents the basis on which the CSSB could introduce changes to the IFRS Sustainability Disclosure Standards as issued by the ISSB. These criteria ensure that Canadian standards align with international standards while addressing Canadian public interest.