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GRI ESRS Professional Certification Exam Sample Questions (Q41-Q46):

NEW QUESTION # 41
Which of the following is true about setting thresholds for financial materiality under the ESRS?

A. Organizations should only use monetary thresholds, such as revenue or costs.
B. Reputational risks cannot be considered financially material.
C. Thresholds should focus exclusively on the short-term time horizon.
D. Financial materiality thresholds are based on the likelihood of occurrence and the potential magnitude of financial effects.

Answer: D

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 # 42
What are the two categories of stakeholders identified in the ESRS?

A. Affected stakeholders and users of sustainability statements.
B. Internal and external stakeholders.
C. Primary and secondary stakeholders.

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 # 43
What disclosures must be included in the sustainability statement? Select all that apply.

A. Financial performance metrics from IFRS reports
B. General Disclosure Requirements from ESRS 2
C. Governance-related information determined by the materiality assessment
D. Environmental objectives under the EU Taxonomy Regulation

Answer: B,C,D

Explanation:
Thesustainability statementunder ESRS is structured according toESRS 1 and ESRS 2, outlining specific disclosure requirements. The required disclosures include:
* General Disclosure Requirements from ESRS 2
* ESRS 2 outlinesgeneral disclosure requirements, including governance, strategy, and impact, risk, and opportunity management (IROs). These disclosures are mandatory for all undertakings, providing the foundation of the sustainability statement.
* #(A) is correct
* Environmental Objectives under the EU Taxonomy Regulation
* Companies must disclose theiralignment with the EU Taxonomy Regulation, particularly under Article 8 of Regulation (EU) 2020/852, which includes financial and non-financial companies' obligations regarding taxonomy-aligned activities.
* #(B) is correct
* Financial Performance Metrics from IFRS Reports
* Financial metrics from IFRS are NOT a required disclosure under ESRS. The sustainability statement focuses on non-financial reporting, whilefinancial performance remains under IFRS standards in financial statements.
* #(C) is incorrect
* Governance-Related Information Determined by the Materiality Assessment
* Governance disclosures (ESRS G1 Business Conduct)include transparency about policies, risk management, and ethical business practices. Themateriality assessment determines the necessary governance disclosuresbased on entity-specific risks and opportunities.
* #(D) is correct
Conclusion:Thesustainability statement must include general disclosure requirements (A), environmental objectives under the EU Taxonomy (B), and governance-related information based on materiality (D). Financial performance metrics from IFRS reports (C) are not required.
* Commission Delegated Regulation (EU) 2023/2772
* Compilation Explanations January - July 2024
Official References:

NEW QUESTION # 44
Indicate whether the following statement is true or false.
Nature is recognized as a "silent stakeholder" in the ESRS because it cannot voice concerns directly but is essential to sustainability contexts.

A. False
B. True

Answer: B

Explanation:
Nature is indeed recognized as a "silent stakeholder" in the European Sustainability Reporting Standards (ESRS). This term implies that, although nature cannot actively voice its concerns, it remains a critical component of sustainability reporting due to its fundamental role in sustaining life and economic activity.
ESRS emphasizes that organizations must consider their impacts on nature, ecosystems, and biodiversity as part of their sustainability disclosures.
This recognition aligns with the concept ofdouble materialityembedded in the ESRS framework, which considers both the financial impact on an organization and the organization's impact on environmental and social matters. The ESRS explicitly integratesbiodiversity and ecosystems (ESRS E4)as a key topic, reflecting the need to account for the effects of business activities on nature, even if nature itself cannot actively advocate for protection.
Thesilent stakeholderconcept reinforces theduty of carethat organizations hold in assessing and mitigating their impacts on biodiversity, land use, pollution, and natural resources. This aligns with theUnited Nations Sustainable Development Goals (SDGs)and theEU Biodiversity Strategy for 2030, both of which emphasize the protection and restoration of natural ecosystems.
* Commission Delegated Regulation (EU) 2023/2772 of 31 July 2023(ESRS E4 - Biodiversity and Ecosystems).
* EFRAG Guidance on Stakeholder Engagement- Highlights nature as an affected stakeholder in sustainability matters.
* EU Biodiversity Strategy for 2030- Emphasizes that economic activities must integrate ecosystem preservation and restoration.
Official References:This confirms that the statement istrueunder ESRS standards.

NEW QUESTION # 45
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 # 46
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