The Canadian Sustainability Standards Board (CSSB) has unveiled its first-ever Canadian Sustainability Disclosure Standards (CSDSs), marking a significant advancement in sustainability reporting for Canadian organisations. The new standards aim to align sustainability disclosures with a global baseline while addressing unique Canadian contexts.
CSDS 1 and CSDS 2, along with their supporting Bases for Conclusions, have been incorporated into the CPA Canada Handbook – Sustainability. These Bases for Conclusions documents offer transparency into the decision-making processes behind the standards, detailing the rationale and considerations involved.
The CSDSs are designed to enhance the consistency and comparability of sustainability disclosures, responding to the growing demand for high-quality, actionable sustainability information among stakeholders. CSSB Interim Chair Bruce Marchand hailed the launch as a pivotal moment for sustainability reporting:
“Today’s announcement signifies our commitment to advancing sustainability reporting that aligns with international baseline standards – while reflecting the Canadian context. These standards set the stage for high-quality and consistent sustainability disclosures, essential for informed decision-making and public trust.”
CSDS 1 establishes general requirements for disclosing material sustainability-related financial information while CSDS 2 focuses on disclosing material information about critical climate-related risks and opportunities. Additionally, the accompanying Criteria for Modification Framework explains how global standards developed by the International Sustainability Standards Board (ISSB) may be adapted for Canada.
CSDS 1 and CSDS 2 are closely aligned with international standards IFRS S1 and IFRS S2. However, they include transition relief measures tailored to Canadian interests. The new standards are voluntary unless mandated by regulators or governments. To support implementation, the CSSB will host an educational webinar in January 2025 and release additional resources to guide adopters.
The CSSB also prioritises building meaningful partnerships with First Nations, Métis, and Inuit communities to ensure that Indigenous perspectives are integrated into its work. By embedding respect and reconciliation into its processes, the CSSB aims to create standards that reflect the diverse voices and interests of all Canadians.
