News

The Independent Review Committee on Standard Setting in Canada issued its final recommendations report. The recommendations aim to ensure Canadian accounting and auditing – and now sustainability reporting and assurance – standard setting continues to be independent and internationally recognized. A summary feedback statement will soon be issued, outlining the feedback the committee received during its consultation process.

The Committee’s review of the governance and structure for establishing Canadian accounting, auditing, and assurance standards, and to identify what might be needed for the future – including sustainability standards – is now complete. Read our recommendations to ensure Canadian standard setting will continue to be independent and internationally recognized.

As the pace of progress in sustainability disclosures continues to accelerate, the Accounting Standards Oversight Council (AcSOC) and Auditing and Assurance Standards Oversight Council (AASOC) mutually approved the formation of the Canadian Sustainability Standards Board (CSSB). Read the media release to learn more about what this means for Canada.

We met with and heard from hundreds of stakeholders over the last few months in response to our Consultation Paper. We have begun our deliberations, with the goal of issuing our final recommendations to Canada’s financial reporting and assurance standards oversight councils in Summer 2022. Read our update for more on the key issues we are considering, our next steps and how you can continue to share your thoughts.

Join members of the Independent Review Committee on Standard Setting in Canada for an open roundtable discussion on their Consultation Paper. Share your feedback on the key matters explored and help the Committee formulate its final recommendations to keep Canadian standard setting independent and world class. Register today in English or French. 

The Independent Review Committee on Standard Setting in Canada believes a Canadian sustainability standards board is needed. Why do we need this board and what does this mean when an International Sustainability Standards Board (ISSB) is being established? Watch this webinar to get an overview of this recommendation. 

This easy-to-read resource offers an overview of the IRCSS’s Consultation Paper – the purpose and key matters explored – and identifies how you can help the IRCSS formulate its final recommendations for standard setting in Canada. Read more.

Join Edward J. Waitzer, Chair of Independent Review Committee on Standard Setting in Canada, to get an understanding of the Committee’s overall mandate and thinking when it comes to accounting and auditing standard setting, as well as what might be needed for the future – including sustainability standards.

The pandemic continues to greatly impact the activities of organizations and individuals. To ensure our stakeholders have adequate time to weigh in on our Consultation Paper, the Committee has extended the comment period for its Consultation Paper from February 28, 2022, to March 31, 2022.

The Independent Review Committee on Standard Setting in Canada – since commencing a review of standard setting in May 2021 – has released its Consultation Paper for public comment. With the goal to ensure that Canadian standard setting will continue to be independent and internationally recognized, the paper explores several key matters including establishing a Canadian Sustainability Standards Board; public interest considerations and responsibilities to Indigenous peoples in the development of standards; governance and oversight framework of the Canadian standard-setting system; and timeliness and responsiveness of the current accounting, auditing, and assurance standard setting processes.

Respond by February 28, 2022, and help the Committee shape its final recommendations report.