Whitepaper
15.2.2024
15.2.2024

EFRAG's double materiality guidance for ESRS

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In an earlier blog on ESRS and IFRS interoperability, we compared the two frameworks so that companies can streamline their reporting efforts and avoid duplicating compliance activities. That blog explains that the largest and most obvious qualitative difference between ESRS and IFRS, and indeed any other global framework, is the concept of double materiality.

This document provides direction on the ESRS approach to materiality, including how it is assessed, the criteria required to determine whether sustainability information is material, and how far upstream/downstream in their value chains firms should consider.

When guiding firms through the double materiality assessment, EFRAG outlines several steps that firms could take and requirements that they must comply with. They are outlined in sections including information on identifying actual and potential material sustainability matters, conducting both impact and materiality assessments, guidance for how firms should consolidate these assessments and thresholds for materiality and how firms must report on the results. There is also advice and requirements on identifying key stakeholders to engage as part of the assessment process.

While EFRAG’s guidance for implementing the double materiality assessment process has expanded over the past year, there are still gaps in their guidance. If you want to understand the details of how you can perform an ESRS double materiality assessment for your CSRD disclosures, contact a member of our team or download EFRAG’s guidance document by submitting your details below.

Alternatively, to find out more about the ESRS metrics and how to comply with CSRD, check out our complete guide to CSRD compliance.

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