News

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.

Today the Independent Review Committee on Standard Setting in Canada released its Consultation Paper. The paper outlines key matters the committee suggests should be considered to keep Canada’s financial reporting and assurance standards independent and internationally recognized. Learn More.

The need for a Canadian Sustainability Standards Board is clearer than ever, says Edward J. Waitzer, Chair of the Independent Review Committee on Standard Setting in Canada. Learn more.

With developments on sustainability standards continuing to unfold internationally, the Independent Review Committee on Standard Setting in Canada continues its work to ensure that Canadian standard setting is fit for the future. Get an update on discussions and the key matters identified, including public interest considerations and responsibilities to Indigenous peoples in the development of standards and recommendations on establishing a Canadian Sustainability Standards Board. The Committee will issue a Consultation Paper for the for public to comment on, in December. Read about the Committees’ progress to date and next steps.

The Accounting Standards Oversight Council (AcSOC) and Auditing and Assurance Standards Oversight Council (AASOC) have initiated a review of Canadian standard setting. The Independent Review Committee on Standard Setting in Canada was formed to review the governance and structure for establishing accounting, auditing, and assurance standards, as well what might be needed for the future – including sustainability standards.