TORONTO, November 3, 2021 / CNW / – Chartered Professional Accountants of Canada (CPA Canada) welcomes the decision of the IFRS Foundation to establish an office of the International Sustainability Standards Board (ISSB) in Montreal, Quebec.
CPA Canada is part of a wide range of private and public institutions and organizations, including the government of Canada, who have come together to support that country’s bid to host the ISSB. Collectively, the group is known as the Canadian Champions of Global Sustainability Standards.
“To select Montreal to host an office of the new international board of directors demonstrates that the IFRS Foundation recognizes this country’s strong commitment to sustainable development governance, which is illustrated by the broad support behind the Canadian bid, ”explains Charles-Antoine St-Jean, President and CEO, CPA Canada. “This is a significant achievement and we can’t wait to see from Canada role evolves as the ISSB takes shape. The IFRS Foundation has made it clear that it has confidence in Canada help the ISSB build a global footprint. “
Once officially launched, the new board will develop a set of indispensable global standards for reporting on environmental, social and governance issues. This is essential as there are currently several reporting frameworks and standards related to sustainability. The business landscape has evolved to the point where a cohesive approach is required. The IFRS Foundation will build on its experience as a provider of international financial reporting standards in more than 140 countries during the creation of the ISSB.
The ISSB will have a global and multi-office structure. According to the IFRS Foundation announcement: “The offices of Frankfurt (the seat of the Council and the office of the President) and Montreal will be responsible for key functions supporting the new board and deeper cooperation with regional stakeholders. “
In addition, there will be offices at San Francisco and London provide technical support and platforms for market engagement and regional stakeholder cooperation. Other discussions are also underway regarding the proposals for Beijing and Tokyo to establish the new Council’s footprint in the Asia-Oceania region.
“Canada has a proven track record as an engaging and effective facilitator when it comes to bringing together diverse parties and divergent viewpoints to reach consensus or find a way forward, ”says St-Jean. ” In this context, Canada is well positioned to engage with developing and emerging economies, which the IFRS Foundation has recognized as an important priority. “
By setting up an office at Montreal, the ISSB can rely on from Canada a long history of standard setting, innovation and its deep and diverse talent pool.
Canada has extensive experience working with global institutions on sustainability and standard setting, including the IFRS Foundation. In reality, from Canada Several years ago, the decision to adopt international financial reporting standards against US GAAP served as a catalyst to bring other jurisdictions up to international standards.
“This country is set to be at the forefront again as a new standard setting process is put in place,” said St-Jean.
Visit https://www.ifrs.org/projects/work-plan/sustainability-reporting/#current-stage for more information on the work of the IFRS Foundation to establish the ISSB.
ABOUT CPA CANADA
Chartered Professional Accountants of Canada (CPA Canada) works in collaboration with provincial, territorial and Bermudan CPA organizations, as it represents the Canadian accounting profession, both nationally and internationally. This collaboration enables the Canadian profession to champion best practices that benefit business and society, as well as prepare its members for an ever-changing operating environment characterized by unprecedented change. Representing more than 220,000 members, CPA Canada is one of the largest national accounting bodies in the world. cpacanada.ca
SOURCE CPA Canada
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2021/03/c8980.html