International Public Sector Accounting Standards Board (IPSASB) Sustainability Reporting Standards
In October 2024, the International Public Sector Accounting Standards Board (IPSASB) issued an exposure draft for its inaugural Sustainability Reporting Standard (SRS) Exposure Draft 1: Climate-related Disclosures (SRS ED 1).The proposed disclosure requirements are aligned with the International Sustainability Standards Board (ISSB)’s IFRS S2 and the Taskforce for Climate-related Disclosures (TCFD), but integrates Global Reporting Initiative (GRI)’s multi-stakeholder.
Who's impacted?
The IPSASB develops standards for public sector financial reporting, but their adoption is determined by individual jurisdictions. Refer to “What do Canadian CPAs need to know” below for Canadian implications.
What’s the latest?
The IPSASB exposure draft SRS ED 1 was issued on October 31, 2024, for comment.
The exposure draft is open for public comment until February 28, 2025.
What do Canadian CPAs need to know?
The proposed SRS ED1 when issued by the IPSASB would not be mandatory in Canada. The authority to mandate the adoption of any public sector sustainability standards lies with individual governmental and oversight bodies.
The Public Sector Accounting Board (PSAB) is the primary body responsible for developing accounting standards for the public sector in Canada. The scope of PSAB currently only covers the accounting standards for the public sector in Canada. It does not include sustainability standards for public sector. As part of its international strategy, PSAB has been seeking input from interested and affected parties in Canada to represent Canadians’ unique concerns and perspectives. Recently, PSAB held Virtual Roundtable Discussions to gather feedback. You can learn more about the PSAB’s Virtual Roundtable Discussions on their website here.
Where can I learn more?
For more information on PSAB events and IPSASB’s climate-related disclosure standards, the following resources are available:
- IPSASB Exposure Draft and supporting documents: SRS ED 1: Climate-related Disclosures
- IPSASB Overview: Advancing Public Sector Sustainability Reporting
- Press Release: IPSASB’s Announcement on the Climate-related Disclosures Draft