Canadian Sustainability Standards Board (CSSB) public consultation on first Canadian Sustainability Disclosure Standards (CSDS)

The International Sustainability Standards Board (ISSB), created by the International Financial Reporting Standards (IFRS) Foundation, aims to establish interoperability between global sustainability disclosures. The ISSB's framework provides an internationally consistent approach to ESG reporting, which is beneficial for cross-border comparisons. The Canadian Sustainability Standards Board (CSSB) was established to help develop and oversee ISSB implementation in Canada and proposed for public comment CSDS 1 (Establishes general requirements for the disclosure of material sustainability-related financial information) and CSDS 2: (Focuses on disclosure of material information on critical climate-related risks and opportunities) 

PDAC recognizes that the commitment to align with ISSB’s IFRS S1 and IFRS S2 is a big step in the global financial reporting ecosystem. However, it is important to ensure that adopting the standard doesn't inadvertently create undue burdens or hinder the ability of smaller entities to represent their financial positions accurately.