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GRI ESRS Professional Certification Exam Sample Questions (Q12-Q17):

NEW QUESTION # 12
Which of the following are true about impact materiality and financial materiality under the ESRS? Select all that apply.

A. Impact materiality refers to the organization's potential positive or negative impacts on people or the environment.
B. A sustainability topic is considered material only if it affects the organization's financial performance.
C. Financial materiality refers to topics that could affect the organization's risks, opportunities, and financial outcomes.
D. Impact materiality assessments are less important than financial materiality assessments and should be prioritized last.
E. The ESRS suggest starting with financial materiality, as it directly influences sustainability reporting.

Answer: A,C

Explanation:
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:

NEW QUESTION # 13
Which of the following elements is recommended for inclusion in the sustainability statement under ESRS 2, based on Appendix F of ESRS 1?

A. Only sector-specific Disclosure Requirements
B. A table summarizing financial performance
C. A list of Disclosure Requirements that have been complied with
D. A specific structure prescribed by the ESRS

Answer: C

Explanation:
UnderESRS 2 (Appendix F of ESRS 1), sustainability statements must follow astructured disclosure approach. The appendix provides guidance on the recommended format and elements to be included in the sustainability statement to ensureconsistency, comparability, and transparency.
* (C) A list of Disclosure Requirements that have been complied with:
* Organizations must provide aclear list of all ESRS disclosure requirementsthat they have reported on. This ensures that stakeholders can assess whether the company has complied with its materiality-based reporting obligations.
* The list must includepage numbers or referencesto the exact location of disclosures within the report.
* (A) A specific structure prescribed by the ESRS:
* While ESRS 1 provides arecommended structure, it isnot mandatory. Instead, companies are given flexibility to adapt the format to their reporting needs.
* (B) Only sector-specific Disclosure Requirements:
* The sustainability statement should coverboth general ESRS disclosures and sector-specific disclosures, not just sector-specific ones.
* (D) A table summarizing financial performance:
* Financial performance isnota core requirement of thesustainability statement. Instead, ESRS focuses onsustainability-related disclosuresthat impact financial performance but does not mandate a direct financial summary within the sustainability statement.
* Commission Delegated Regulation (EU) 2023/2772, ESRS 2 (Appendix F of ESRS 1)- Outlines the format and elements of the sustainability statement.
* EFRAG Compilation Explanations (January - November 2024)- Provides insights into structuring sustainability statements under ESRS.
Key Requirements for ESRS 2 Sustainability StatementIncorrect OptionsOfficial References:Thus, the correct answer isC. A list of Disclosure Requirements that have been complied with.

NEW QUESTION # 14
Indicate whether the following statement is true or false.
In the ESRS, impact materiality is considered the starting point for the double materiality assessment because material impacts may trigger financial risks and opportunities in the future.

A. False
B. True

Answer: B

Explanation:
Impact materiality is indeed considered thestarting pointfor thedouble materiality assessmentin the ESRS.
The reason is that material impacts on sustainability matters cangenerate financial risks and opportunitiesin the future. TheESRS frameworkfollows this structure because:
* Interrelation Between Impact and Financial Materiality
* Double materiality includestwo dimensions:a)Impact materiality(how the company affects people and the environment).b)Financial materiality(how sustainability matters affect the company's financial performance).
* Impact materiality assessments oftenprecedefinancial materiality because many sustainability issues initially manifest asexternal environmental and social impactsbefore affecting the company'sfinancial results.
* Regulatory Confirmation of Impact as the Starting Point
* According toESRS 1, section 3.3, impact materiality is typically assessedfirst, unless afinancial risk or opportunity exists independentlyof an impact.
* A sustainability mattermay become financially materialover time due to regulatory changes, evolving market expectations, or direct financial consequences.
* Illustration of the Double Materiality Process
* Example: A company engaged inhigh carbon emissionsmight initially consider this animpact materiality issue(environmental harm). However,increased carbon pricing, regulatory changes, and shifting investor preferencescan latertransform this into a financial materiality issue.
Conclusion:Sinceimpact materiality serves as a precursorto financial materiality in most cases, the statement istrue.
Official Commission Delegated Regulation (EU) 2023/2772, various EFRAG guidance documents, and CSRD-related references:
* Commission Delegated Regulation (EU) 2023/2772, ESRS 1, Section 3.3:Double Materiality Framework.
* EFRAG Compilation of Explanations (January - July 2024): Confirmation that impact materiality assessment is the typicalentry point.

NEW QUESTION # 15
What must organizations disclose under the ESRS regarding their material impacts, risks, and opportunities?
Select all that apply.

A. Minimum Disclosure Requirements on policies, actions, and targets
B. Information outlined in the topical ESRS and sector-specific standards
C. A general overview of their sustainability policies, even if unrelated to specific material matters
D. The outcomes of their double materiality assessment

Answer: A,B,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 # 16
Indicate whether the following statement is true or false.
The goal of assurance is to confirm the reliability of information related to an organization's sustainability risks, how these risks are managed and reduced, and the organization's performance data.

A. False
B. True

Answer: B

Explanation:
Thegoal of assurancein sustainability reporting is toconfirm the reliabilityof sustainability disclosures, ensuring that reported information onrisks, management strategies, and performance dataisaccurate and verifiable.
Key aspects ofsustainability assuranceinclude:
* Evaluating the credibility of reported sustainability risksand how organizations manage them.
* Assessing compliance with CSRD and ESRS assurance requirements.
* Ensuring data integrity and alignmentwith financial and sustainability disclosures.
* Enhancing investor confidencein an organization's sustainability reporting.
* CSRD and ESRS Assurance Requirements (Commission Delegated Regulation (EU) 2023/2772, Section 5.2)- Specifies assurance requirements for sustainability reporting.
* EU Sustainable Finance Platform Report (2025)- Confirms assurance processes are necessary to enhance trust in sustainability data.
Official References:

NEW QUESTION # 17
......

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