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A Breakdown – The Independent Review Committee on Standard Setting in Canada

In May 2021, Canada’s standard-setting oversight councils, along with Chartered Professional Accountants (CPA) Canada, established the Independent Review Committee on Standard Setting in Canada (the Committee) to conduct a review of the current governance and structure for establishing Canadian accounting and assurance standards, as well as what might be needed for the future – including sustainability standards. 

The goal is to identify recommendations to ensure Canadian standard setting is independent, world-class, and responsive to stakeholders’ needs.

Why is this review taking place?

The institutional framework in place in Canada for developing accounting and assurance standards and overseeing the standard-setting process has evolved over time.

Global trends and developments have led to a dynamic standard-setting environment and stakeholder needs and expectations that are changing at an increasing pace. 

What is the purpose of the Consultation Paper?

The Committee prepared this Consultation Paper to seek views and ideas on what should be done to best achieve this outcome. The feedback obtained will assist the Committee in completing its review and formulating its final recommendations. 

Download to learn more about the IRCSS Consultation Paper and how you can contribute to Canada’s standard setting process. 

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