An Update from the Independent Review Committee on Standard Setting in Canada
The comment period for our Consultation Paper ended on March 31, 2022. If you sent in a written response or attended one of our roundtables or consultative meetings, thank you! We met with and heard from hundreds of you over the last few months, helping to shape our final recommendations report.
Why consulting matters
Consulting with individuals and organizations on our Consultation Paper was an integral part of our review process. The feedback gathered will greatly assist our discussions and help us formulate our final recommendations on the following key issues explored in the paper:
- The merits of establishing a separate Canadian sustainability standards board.
- Public interest considerations and responsibilities to Indigenous peoples in the development of standards.
- Governance and oversight frameworks for the Canadian standard-setting system.
- The timeliness, relevance and responsiveness of accounting, auditing, and assurance standard-setting processes.
As we consider views, comments, and suggestions we’ve received so far and begin our deliberations in earnest, we welcome continued feedback. If you have more to say or haven’t yet had the chance to share your thoughts, feel free to contact us. We’ll be continuing to reach out as well, including to stakeholders we’ve already heard from to better understand a point they have made.
In short, we’re still listening – let’s keep the conversation going!
What’s next
As we move to the next phase of our review, our focus remains the same – providing reasoned, actionable recommendations for standard-setting processes that will have integrity and can deliver standards that are relevant and responsive to the needs of stakeholders and the public interest. It is important to note that we will not be evaluating particular substantive reporting or assurance standards.
We plan to make our final recommendations this summer to Canada’s financial reporting and assurance standards oversight councils, who will ultimately decide how the recommendations should be implemented.
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A timeline of events: Independent Review Committee on Standard Setting in Canada
Stay tuned for further updates and next steps, including the release of the response letters we received to our Consultation Paper this May.
The Independent Review Committee on Standard Setting in Canada