Extensive backing for Canada’s offer to host the International Sustainability Standards Board; Financial Literacy Team wins EIFLE Award; and other news from the accounting world
CPA CANADA SUPPORTS CANADIAN OFFER TO HOST ISSB
CPA Canada is among the private and public institutions backing Canada’s offer to host the global headquarters for the new International Sustainability Standards Board (ISSB).
The Government of Canada formally submitted the Canadian offer letter to the IFRS Foundation at the end of July.
The bid is a collaborative effort, facilitated by CPA Canada, that includes the largest pension funds, financial institutions, securities regulators, a leading First Nations organization, accounting firms, insurance companies and other large Canadian companies, along with support from the country’s six largest municipalities and a broad cross-sector of Canada’s leading businesses, academic and environmental stakeholder organizations. Together, this collective group is known as the Canadian Champions for Global Sustainability Standards (Canadian Champions).
Once established, the ISSB will develop a set of global standards for reporting on environmental, social and governance (ESG) matters, which is critical to streamline reporting sustainability frameworks and standards.
The accounting profession’s ongoing contribution to standard setting includes expertise, resources and funding, and providing the official French translation of international accounting and auditing standards.
“Our country has a solid track record of working with global institutions on sustainability and standard setting, including the IFRS Foundation,” says Charles-Antoine St-Jean, president and CEO of CPA Canada. “Our standard setters are respected internationally and their knowledge and expertise are continually in demand.”
Should the IFRS Foundation decide to locate the global headquarters for the new ISSB in Canada, the funding contributed by the Canadian Champions would be put towards its successful start-up and operations.
The Trustees are expected to officially announce their decision on a new ISSB by the United Nations Climate Change Conference, COP26, in November 2021.
From: MICHELLE SINGERMAN
Source: https://cpacanada.ca