Double Materiality Disclosure as an Emerging Practice: The Assessment Process, Impacts, Risks, and Opportunities

Voicu D. Dragomir, Mădălina Dumitru, Ionela Corina Chersan, Cătălina Gorgan and Mirela Păunescu

Accounting in Europe, 2025, vol. 22, issue 1, 103-140

Abstract: The Corporate Sustainability Reporting Directive 2022/2464 (CSRD) introduces the concept of double materiality in the preparation of sustainability reports in the European Union (EU) starting in 2024. Our research aim is to provide ex-ante empirical evidence on how large Romanian enterprises perform materiality assessment and disclose impacts, risks, and opportunities. Data are collected from 20 listed Romanian companies, using an inductive approach. Most companies report information on their materiality assessment process; direct, inside out, and positive impacts (and less financial materiality), environmental risks and opportunities, and social impacts. Companies engage mainly with stakeholders in the social realm and less with financial capital providers. The stakeholder engagement process is not continuous, relying predominantly on isolated events. Internal processes are implemented and overseen by dedicated governance structures. Further clarifications and stricter requirements on the implementation of the double materiality concept are needed for the effective application of the CSRD.

Date: 2025
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DOI: 10.1080/17449480.2024.2339264

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