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Canada's ESG Future A SPECIAL INTEREST SECTION BY MEDIAPLANET
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Why CPAs Are Integral in Supporting Sustainability Reporting As new sustainability disclosure standards are issued and adopted, CPAs will play an increasingly significant role in supporting businesses with reporting.
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Tania Amardeil
Pamela Steer President & CEO, CPA Canada
nvestor demands for greater insight into sustainability performance are pushing businesses to report on metrics beyond the bottom line - creating a pressing need for a system to hold them accountable. “It’s no longer just about the bottom line,” says Pamela Steer, President and CEO of CPA Canada. “There’s an expectation for organizations to take accountability for their impact on society and the environment.” Accordingly, the need for sustainability reporting is higher than ever — and chartered professional accountants (CPAs) will have a key role to play.
Global standards are here Sustainability reporting encourages business leaders to embrace responsible, sustainable practices within their organizations. However, a lack of a clear global baseline for reporting has left the space cluttered with various ways to report risks, metrics, and targets. “Right now, sustainability reporting is often hit and miss — and, worse, potentially misleading due to the multitude of voluntary frameworks,” explains Steer. Earlier this week, the International Sustainability Standards Board (ISSB) published two disclosure standards — General requirements for Disclosure of Sustainability-related
information (IFRS S1) and Climate-related Disclosures (IFRS S2). The release is a major step in creating a framework that requires the global business community to disclose material information on exposure to sustainability and climate-related risks and opportunities. The Canadian Sustainability Standards Board will work closely with the ISSB to develop and facilitate the adoption of IFRS Sustainability Disclosure Standards for the Canadian marketplace and ensure that the Canadian perspective is part of international standard-setting decisions. Now is the time to build capacity in this space to react to changes in market demands as new roles and opportunities are established. The education and training needs for sustainability reporting and assurance are greater than the current capacity to deliver. CPA Canada is a designated Capacity Building Partner of the ISSB and will continue to support the effective implementation of upcoming standards.
CPAs: Holding business accountable CPAs play a critical role in the capital markets, ensuring organizations report relevant and trustworthy information. This responsibility is now extending to sustainability standards. “CPAs bring a host of valuable skills to the table when it comes to successful
CPAs bring a host of valuable skills to the table when it comes to successful decision-making in a world overloaded with data. decision-making in a world overloaded with data,” says Steer. “In fact, our profession has a proven history of providing the analysis, reporting, and assurance necessary to evaluate performance and manage risk. Now, we can apply those skills to help tackle some of the most pressing issues of our time.”
Visit cpacanada.ca to learn about how CPAs can support businesses with sustainability disclosure. Take a step in future-proofing your career with the ESG Certificate: cpacanada.ca/ newfrontier. This article was sponsored by CPA Canada.
SUSTAINABILITY AND ESG CERTIFICATE A new frontier for CPAs and business professionals. Now available | On-demand REGISTER NOW cpacanada.ca/newfrontier
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Publishers: Chelsea Siemon, Chloe Zinn Country Manager: Nina Theodorlis Production Lead: Michael Taylor Creative Lead: Kylie Armishaw Web Editor: Christina Morgan Digital Media Coordinator: Kristen Neals All images are from Getty Images unless otherwise credited. This section was created by Mediaplanet and did not involve The National Post or its editorial departments. Send all inquiries to ca.editorial@mediaplanet.com.