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We're excited to continue our video podcast series on the foundations of sustainability reporting. Now watch along with our sustainability specialists as they discuss the latest on sustainability.

Despite the ever-changing landscape, materiality remains the cornerstone of sustainability reporting – and it’s here to stay. In this episode, we discuss how materiality is defined and applied under both the European Sustainability Reporting Standards (ESRS) and International Sustainability Standards Board’s (ISSB) standards, highlighting key similarities and differences.

In this episode, we discuss:

• 2:13 – Understanding double materiality and impacts, risks, and opportunities (IROs) in the ESRS framework
• 19:15 – Considering long-term horizons, cumulative effects, and uncertainty under ESRS
• 26:39 – Disclosure of relevant IROs under ESRS, including the importance of stakeholders
• 34:21 – The concept of materiality under ISSB standards
• 40:23 – ISSB risks and opportunities

Identifying impacts, risks, and opportunities as well as performing a double materiality assessment are fundamental areas of reporting in accordance with ESRS that are not expected to be impacted by the European Commission’s “Omnibus” proposals at this time. For information on how the “Omnibus” proposals could impact reporting, check out PwC’s publication.

About our guest
Diana Stoltzfus is a partner in the National Office who helps to shape PwC’s perspectives on regulatory matters, responses to rulemakings, and policy development, and implementation related to significant new rules and regulations. Prior to rejoining PwC, Diana was the Deputy Chief Accountant in the Office of the Chief Accountant (OCA) at the SEC where she led the activities of the Professional Practices Group within the OCA.

About our host
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.