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International Financial Reporting Standards (IFRS) Sustainability Standards

IFRS Sustainability Standards issued by the International Sustainability Standards Board (ISSB):

These standards form a global baseline for businesses to use in their sustainability reporting.

Who’s impacted?

Local jurisdictional authorities will decide as to if and when these standards are adopted. Refer to “What do Canadian CPAs need to know” below for Canadian implications.

The International Organization of Securities Commissions (IOSCO), which represents 95% of the world’s securities markets, endorsed the IFRS Sustainability Standards, encouraging its member commissions to adopt the standards in their respective jurisdictions.

What’s the latest?

  • In September 2024, the IFRS Foundation published Voluntarily applying ISSB Standards—A guide for preparers. The guide aims to encourage companies to start using ISSB Standards and help companies communicate to investors their progress towards applying ISSB Standards voluntarily. Learn more about the guide and other materials from the IFRS Foundation designed to support the implementation of IFRS S1 and IFRS S2.
  • In June 2024, the ISSB published its 2024–2026 work plan. The key areas of focus included:
    • Supporting the Implementation of IFRS S1 and IFRS S2.
    • Enhancing and maintaining the Sustainability Accounting Standards (SASB Standards).
    • Beginning New Research Projects on biodiversity, Ecosystems, and Ecosystem Services (BEES) and Human Capital.
    • Ensuring Connectivity with IASB and Interoperability with other sustainability disclosure standards.
  • In April 2024,the ISSB issued the IFRS Sustainability Disclosure Taxonomy to reflect disclosure requirements arising from IFRS S1 and IFRS S2.
  • In December 2023, the ISSB published updated SASB standards to enhance their international applicability.

What do Canadian CPAs need to know?

The IFRS Sustainability Standards as issued by the ISSB are not yet mandatory in Canada.

However, the Canadian Sustainability Standards Board (CSSB) issued their inaugural Canadian Sustainability Disclosure Standards (CSDS), based on the IFRS Sustainability Standards, on March 13, 2024. Refer below for more information.

Where can I learn more?

For more information, please refer to our At a Glance: Sustainability Reporting Standards and Regulations and related FAQs.

You can also refer to the ISSB website for: