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GRI ESRS Professional Certification Exam Sample Questions (Q31-Q36):
NEW QUESTION # 31
Which of the following is true about setting thresholds for financial materiality under the ESRS?
Answer: B
Explanation:
Under the ESRS framework, financial materiality is assessed based on a combination of:
* Likelihood of occurrence- The probability that a sustainability matter will have a financial impact.
* Potential magnitude of financial effects- The scale of the impact on financial position, performance, cash flows, access to finance, or cost of capital over short-, medium-, or long-term periods.
This is outlined in ESRS 1, which states that a sustainability matter isfinancially materialif it could reasonably be expected totrigger material financial effectson an undertaking. Financial materiality is not limited to issues under the direct control of the company; it includesdependencies on natural, human, and social resourcesthat could create risks or opportunities.
* Option A:The ESRS framework allows for bothqualitative and quantitative thresholds, not just monetary ones (e.g., revenue or costs).
* Option C:Reputational risks can be financially material, as they may affect access to finance, cost of capital, or customer trust, ultimately influencing the company's financial performance.
* Option D:Thefinancial materiality assessmentis conducted for theshort-, medium-, and long-term, not just the short term.
Why the other options are incorrect:References:
* Commission Delegated Regulation (EU) 2023/2772
* Compilation Explanations January - July 2024, ESRS 1 on Financial Materiality
* EFRAG Guidance on Double Materiality and Risk Assessments
NEW QUESTION # 32
What are the two categories of stakeholders identified in the ESRS?
Answer: A
Explanation:
The European Sustainability Reporting Standards (ESRS) categorize stakeholders intotwo main groups:
* Affected Stakeholders:
* These are individuals or groups whose interests are affected (positively or negatively) by the undertaking's activities and business relationships across its value chain.
* Examples include workers (own workforce and those in the value chain), affected communities, consumers, and end-users.
* The identification of affected stakeholders plays a crucial role in an organization's sustainability due diligence and materiality assessment processes.
* Users of Sustainability Statements:
* These are primary users of sustainability disclosures, including investors, lenders, and other creditors.
* Additional users include business partners, trade unions, civil society organizations, non- governmental organizations (NGOs), governments, analysts, and academics.
The ESRS framework emphasizes the importance ofengagement with affected stakeholdersas part of an undertaking's due diligence and materiality assessment process, ensuring that material impacts, risks, and opportunities are adequately identified and reported.
Official References:
* Commission Delegated Regulation (EU) 2023/2772, ESRS 1, Section 3.1- Defines the two main groups of stakeholders.
* ESRS 2 SBM-2 (Interests and Views of Stakeholders)- Covers how affected stakeholders' views inform an undertaking's strategy.
* EFRAG Guidance on Stakeholder Engagement and Double Materiality- Reinforces the role of affected stakeholders in sustainability assessments.
NEW QUESTION # 33
Which principles are essential for incorporating information by reference in the sustainability statement?
Answer: A,C,D
Explanation:
Incorporation by reference in sustainability statements under ESRS must adhere to specific principles to ensure transparency, accessibility, and alignment with financial and regulatory reporting. The key principles are:
* (A) The referenced information must be clearly identified in the original document.
* ESRS mandates that referenced disclosures must beexplicitly identifiedin the original document to prevent ambiguity and ensure clear linkage to the sustainability statement.
* (C) It must comply with digitalization requirements.
* The referenced data must meetthe same technical digitalization standardsas the sustainability statement to ensure consistency and usability across digital platforms.
* (D) It must meet the same level of assurance as the sustainability statement.
* Any information incorporated by reference must be subject to at least thesame level of assurance as the sustainability statement itself, ensuring reliability and accuracy.
* (B) It can be published later than the management report.
* ESRSdoes not allowreferenced information to be published after the management report. It must be available at the same time or earlier to maintain the coherence of disclosures.
* Commission Delegated Regulation (EU) 2023/2772, ESRS 1, Section 9.1- Defines the principles of incorporation by reference.
* EFRAG Compilation Explanations (January - July 2024)- Provides guidance on referenced information's role in digital and assurance compliance.
Incorrect Option:Official References:Thus, the correct answers areA, C, and D.
NEW QUESTION # 34
Select all the correct steps for conducting a double materiality assessment based on the ESRS.
Answer: A,B,F
Explanation:
Thedouble materiality assessmentinvolves identifying sustainability matters that are material either from:
* An impact perspective(the organization's effects on people and the environment).
* A financial perspective(how sustainability matters affect the organization financially).
Thecorrect stepsin conducting this assessment include:
* (A) Comparing identified material topics with ESRS 1 AR 16- This ensures alignment with predefined sustainability mattersin ESRS.
* (C) Using ESRS 2 IRO-1- This disclosure requirement mandates companies toreport on their methodology for identifying impacts, risks, and opportunities.
* (D) Following SBM-3 of ESRS 2- This section provides requirements fordisclosing the material impacts, risks, and opportunities identified through the materiality assessment.
* (B) False:Entity-specific disclosures must coverall material sustainability topics, even those not explicitly covered in ESRS.
* (E) False:Both financial and impact materiality must be considered(double materiality), not just financial materiality.
* (F) False:Double materiality assessments are mandatoryfor all organizations reporting under ESRS.
* Commission Delegated Regulation (EU) 2023/2772, Section 3.3 on Double Materiality
* EFRAG Compilation on Double Materiality Assessments, providing step-by-step guidance on ESRS compliance Why the other options are incorrect:References:==============
NEW QUESTION # 35
What must organizations disclose under the ESRS regarding their material impacts, risks, and opportunities?
Select all that apply.
Answer: A,C,D
Explanation:
Under ESRS, organizations are required to disclose material impacts, risks, and opportunities (IRO) in accordance withdouble materiality principles. The ESRS framework emphasizes transparency and structured reporting of sustainability matters that arematerial from both impact and financial perspectives.
Key Disclosure Requirements for Material IROsAccording to ESRS 2, organizations must disclose:
* (A) The outcomes of their double materiality assessment: Organizations need to explain how they determined material sustainability matters, covering both impact and financial materiality.
* (B) Information outlined in the topical ESRS and sector-specific standards: The disclosure of IROs must align withspecific ESRS topical standards(e.g., ESRS E1 for climate change, ESRS S1 for own workforce) andsector-specific standards, ensuring comprehensive reporting.
* (C) Minimum Disclosure Requirements on policies, actions, and targets: Organizations must disclosepolicies, strategies, action plans, and progress tracking mechanismsrelated to managing material sustainability risks and opportunities. ESRS mandates these disclosures to provide transparency on an entity's approach torisk mitigation and opportunity realization.
* (D) A general overview of their sustainability policies, even if unrelated to specific material matters:
* ESRS doesnotrequire companies to provide general sustainability policy overviewsunlessthey relate to material sustainability matters. The focus is on material disclosures that affect business operations or external stakeholders.
* Commission Delegated Regulation (EU) 2023/2772, ESRS 2, Section 4.1 & IRO-1- Covers disclosure requirements for identifying and assessing material impacts, risks, and opportunities.
* EFRAG Compilation Explanations (January - November 2024)- Details about ESRS 1 and ESRS 2 disclosure requirements on materiality.
Incorrect OptionOfficial References:
NEW QUESTION # 36
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