Canada's CAs welcome additional guidance on environmental disclosures

TORONTO, Oct. 29 /CNW/ - The Canadian Institute of Chartered Accountants (CICA) commends Canada's securities regulators for this week publishing additional guidance to help reporting issuers meet existing environmental disclosure requirements.

The aim of the staff notice from the Canadian Securities Administrators (CSA) is to assist issuers in assessing which information must be disclosed on environmental matters, such as risks related to weather patterns or environmental legislation. 

"The CSA publication reflects the increasing importance of environmental matters in financial reporting, the changing regulatory landscape, and increasing investor interest in environmental matters," said Chris Hicks, Principal, Guidance and Support, with the CICA.  "The CICA has been active in this field for many years and our depth of knowledge is recognized and valued, as evidenced by the CSA's references to four CICA environmental reporting publications."

The CICA publications referenced are:

• Environmental, Social and Governance (ESG) Issues in Institutional Investor Decision Making (August 2010)
• Climate Change Briefing - Questions for Directors to Ask (July 2009)
• Building a Better MD&A:  Climate Change Disclosures (November 2008)
• Executive Briefing - Climate Change and Related Disclosures (March 2008)

The four publications can be found online at www.cica.ca/climate. 

CSA Staff Notice 51-333 provides a comprehensive discussion of information required to be reported, including an appendix that provides examples of possible disclosures. The additional guidance from the CSA will be covered at the upcoming Environmental, Social and Governance Conference being hosted by the CICA.  The conference runs December 6-7 in Toronto and a key focus will be financial reporting implications of environmental issues, including climate change.  More information is available online at www.cpd.cica.ca/ESGIssues.

Chartered Accountants (CAs) are Canada's most valued, internationally recognized profession of leaders in senior management, advisory, financial, tax and assurance roles. Through their integrity, expertise, and internationally recognized qualification standards, Canada's 77,000 CAs sustain their influence and leadership position both in Canada and globally.  As trusted business advisors to Canadian organizations of all sizes, Canada's CAs foster confidence in Canadian business and contribute to the health and sustainability of Canada's capital markets and economy.  The Canadian Institute of Chartered Accountants (CICA) represents Canada's CA profession both nationally and internationally.  The CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).

For further information:

or to arrange an interview, contact:
Tobin Lambie, Manager, Media
CICA
[phone]
[email protected]
www.cica.ca