Canadian businesses will have several months to prepare as a domestic standards body and financial regulators work out how the new rules will be adopted here
New global sustainability reporting standards for companies were formalized on Monday, though Canadian businesses will have several months to prepare as a domestic standards body and financial regulators work out the details of how they will be adopted in this country.
“I think a lot of people think we just take these standards and that’s it,” she said. “They need to understand there’s a process for this and two distinct components of the machine – there’s the standard setters, the CSSB, and there are the regulators.” The initial set of ISSB standards calls for disclosure of material information about sustainability-related financial, market and legal risks, in similar fashion to traditional accounting. Under that standard, sustainability and financial statements will be published at the same time. After consultations, the ISSB decided to recommend companies focus on climate first, then adopt disclosure practices for other sustainability factors, such as human rights and biodiversity, a year later.
The ISSB material released on Monday provides more details and the rationale behind the standards, and aims to eliminate“We have a body of material that, once read in totality, in my judgment, will give a lot more clarity to the stakeholders, including preparers, investors and regulators,” he said in an interview. “So that package should be able to give a lot of answers to questions which obviously everybody is anxious about. So that is the first step.
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