IFRS Foundation takes next steps to establish ISSB presence in Montreal

MONTREAL, April 6, 2022 /CNW/ – The IFRS Foundation and Chartered Expert Accountants of Canada (CPA Canada) now announced an arrangement to create the Montreal centre of the Intercontinental Sustainability Expectations Board (ISSB). The Montreal centre will host crucial capabilities on behalf of the ISSB, together with the coordination of exercise throughout the Americas.

Founded at the COP26 climate convention in November 2021, the ISSB will run a multi-location design to provide steady and similar world wide expectations for reporting on environmental, social and governance issues. Modern announcement follows a comparable announcement about the ISSB’s existence in Frankfurt, which will also host important features and coordinate actions in the Europe, Middle East and Africa area. Arrangements for the Asia-Oceania location are progressing.

The Montreal arrangement, signed in the sort of a non-public sector Memorandum of Knowing (MoU), phone calls on CPA Canada to get the job done collectively with the broad array of stakeholders that have occur together to assist fund and lend support to the ISSB and the Quebec-dependent centre. CPA Canada spearheaded efforts to unite the team acknowledged as the Canadian Champions for World-wide Sustainability Specifications and the MoU envisions that main role continuing.

The five-year settlement states that Montreal will host important normal-environment tasks and linked features, which includes a share of board conferences, leadership and sources that replicate the Montreal location’s importance to the ISSB. The two signing parties have also committed them selves to the prolonged-phrase results of the ISSB and its Montreal existence.

As element of its Americas coordination part, the Montreal centre will get the job done in shut cooperation with the San Francisco office environment (headquarters of the Worth Reporting Foundation (VRF), which is envisioned to be consolidated into the IFRS Foundation by June 30 2022).

The subsequent meeting of the IFRS Basis Trustees will get location in Montreal in between June 28 and 30, 2022.

Commenting on the arrangement, Erkki Liikanen, Chair of the IFRS Basis Trustees, said:

‘Montreal has excellent sustainability qualifications and a certainly intercontinental outlook. Alongside with Frankfurt, it will deliver an effective foundation for the ISSB. I thank our Canadian colleagues for their dedication to the mission of the ISSB and support and enthusiasm for our do the job.’

Emmanuel Faber, Chair of the ISSB, said:

‘I am delighted the Trustees selected Montreal as a essential locale for the ISSB. It supplies a valuable sustainability ecosystem to support our foreseeable future do the job and will offer an excellent base, alongside with Frankfurt, for our long term accomplishment.’

Richard Olfert, Chair of the CPA Canada Board of Directors, said:

‘Canada’s robust dedication to global sustainability specifications is evidently shown by the substantial array of guidance that has arrive collectively to back again the ISSB and the establishment of its Montreal centre. By welcoming Montreal, the IFRS Foundation is signalling its have faith in in Canada to help the ISSB set up a global footprint.’

Beth Wilson, Vice-Chair, CPA Canada Board of Administrators, explained:

‘The IFRS Basis values Canada’s respected common-environment expertise and monitor record throughout a amount of environmental, social and governance parts that will aid and inform the get the job done to build a widespread actively playing field globally for sustainability criteria.’

Valérie Plante, Mayor of Montréal, explained:

‘The selection of Montréal for an ISSB business office is a potent testimony to our leadership in the world-wide motion for sustainable progress. We have a important position to participate in in cutting down our GHG emissions. Montréal has by now taken methods in that rou
te, and it will now be involved in sustainable finance. Thanks to the perform of the ISSB, firms will be inspired to choose on far more green assignments, to the profit of the metropolis and its economy.’

About the IFRS Foundation 

The IFRS Basis is a not-for-gain organisation created to serve the public fascination by developing globally accepted monetary reporting requirements that fulfill buyers and other funds sector participants’ require for dependable, transparent and similar data to make economic selections. 

Our standards―IFRS Accounting Benchmarks and IFRS Sustainability Disclosure Standards—are produced by the Worldwide Accounting Standards Board (IASB) and the newly made Intercontinental Sustainability Requirements Board (ISSB). The boards are overseen by the IFRS Basis Trustees, who in convert are accountable to the IFRS Basis Checking Board of general public authorities with responsibility for corporate reporting. Our governance preparations are established out in our Structure. 

IFRS Accounting Specifications, established by the IASB, are demanded in a lot more than 140 jurisdictions.  

In January 2022, the Climate Disclosure Standards Board grew to become section of the IFRS Basis. The prepared consolidation of the Value Reporting Basis (which residences Integrated Reporting and SASB Benchmarks) into the IFRS Foundation is thanks to finish in June 2022. 

For specific information and facts about our organisation, pay a visit to ifrs.org. 

About Chartered Specialist Accountants of Canada

Chartered Qualified Accountants of Canada (CPA Canada) performs collaboratively with the provincial, territorial and Bermudian CPA bodies, as it represents the Canadian accounting job, the two nationally and internationally. This collaboration enables the Canadian career to champion finest practices that advantage small business and society, as effectively as prepare its users for an at any time-evolving functioning natural environment that includes unprecedented adjust. Representing more than 220,000 associates, CPA Canada is one particular of the major countrywide accounting bodies globally. cpacanada.ca

Supply CPA Canada

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