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Which of the following are true about impact materiality and financial materiality under the ESRS? Select all that apply.
Correct Answer: B,C
Understanding Impact and Financial Materiality under ESRSTheESRS frameworkis based ondouble materiality, which comprises: * Impact Materiality- This relates to the organization's potentialpositive or negative impactson people or the environment, irrespective of whether these impacts translate into financial effects. * Financial Materiality- This refers to sustainability matters thataffect the company's financial position, including risks and opportunities that influence financial outcomes over theshort, medium, or long term. * (A) False:A sustainability topic can be materialeven if it does not directly affect financial performance; it may still beimpact material. * (D) False:Impact and financial materiality are equally importantunder ESRS. Neither is prioritized over the other. * (E) False:TheESRS process generally begins with impact materiality, not financial materiality. * Commission Delegated Regulation (EU) 2023/2772, Section 3.3 on Double Materiality * EFRAG Materiality Guidance on ESRS, which provides methodologies for assessing impact and financial materiality Why the other options are incorrect:References:
