The northern Buddhist traditions record a council held under the Kushan king Kanishka, at which five hundred arhats assembled and produced a definitive commentary on the Sarvastivada Abhidharma. That commentary, the Mahavibhasa, is enormous, it survives in Chinese translation, and it is the most important single work the Sarvastivada school left behind.
The Sarvastivada was for centuries the dominant Buddhist school across the north-west of the subcontinent and into Central Asia, and its Abhidharma is one of the great systematic projects in Indian thought: an attempt to specify exhaustively what actually exists, moment by moment, once persons and objects have been analysed away. The school's name means the doctrine that all exists, and refers to its distinctive claim that past and future dharmas are real in some sense as well as present ones. The Mahavibhasa is where that position is worked out against every objection its authors could find.
Kanishka is a real king with real coins and real dated inscriptions, and his patronage of Buddhism is not in question. Whether he convened this council is a different claim from whether he supported the school, and the accounts that make it are all later and all northern.
Whatever the assembly was, the commentary is not in doubt. It exists, it was translated, and it is the reason a school that has no living community anywhere can still be studied in detail. That does not depend on the council story, which is worth keeping in mind while reading the council story.