Canadian Sustainability Disclosure Standards (CSDS)

The CSDS are based on the IFRS Sustainability Standards with amendments considered appropriate for the Canadian context.

In December 2024, the Canadian Sustainability Standards Board (CSSB) issued its inaugural sustainability disclosure standards, CSDS 1 and CSDS 2:

• CSDS 1: General Requirements for Disclosure of Sustainability-related Financial Information
• CSDS 2: Climate-related Disclosures

Both CSDS 1 and CSDS 2 are effective for annual reporting periods beginning on or after January 1, 2025. Earlier application is permitted.

Who's impacted?

CSDS 1 and CSDS 2 are voluntary. The CSSB is a standard setting organization and does not have the authority to mandate disclosure requirements. It is the role of regulators, such as the Canadian Securities Administrators (CSA) and the Office of Superintendent of Financial Institutions (OSFI) in Canada to mandate reporting in accordance with specific standards.

Refer to our Sustainability Reporting Regulation page for the latest information on Canadian regulatory requirements.

What's the latest?

On December 18, 2024, the CSSB finalized and issued CSDS 1 and CSDS 2 along with the Criteria for Modification Framework which outlines how the CSSB decides to make changes to IFRS Sustainability Disclosure Standards to reflect Canadian priorities.

CSDS 1 and CSDS 2 and their accompanying Bases for Conclusions are now part of the CPA Canada Handbook – Sustainability.

What do Canadian CPAs need to know?

The CSDS are not yet mandatory in Canada. Visit our Canada Sustainability Reporting Regulation page to understand how CSA and OSFI are influencing the regulatory environment in Canada and its implications for you.

Where can I learn more?

For more information, you can also refer to the CSSB website.