{"id":6967,"date":"2026-10-05T10:21:45","date_gmt":"2026-10-05T08:21:45","guid":{"rendered":"https:\/\/materiality.pl\/?p=6967"},"modified":"2026-10-12T10:21:53","modified_gmt":"2026-10-12T08:21:53","slug":"we-are-managing-the-financial-impact","status":"publish","type":"post","link":"https:\/\/materiality.pl\/en\/wiedza-i-praktyka\/oswajamy-skutki-finansowe\/","title":{"rendered":"Taming financial effects"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"6967\" class=\"elementor elementor-6967\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ccfdf00 e-flex e-con-boxed e-con e-parent\" data-id=\"ccfdf00\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d1fac0f elementor-widget elementor-widget-text-editor\" data-id=\"d1fac0f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>In the simplified ESRS, the requirements on the financial effects of risks and opportunities sit in two places:<\/p><ul><li>ESRS 2, in disclosure requirement SBM-3, sets out general principles for disclosing financial effects (paragraphs 25\u201332) that apply to all sustainability matters.<\/li><li>ESRS E1, in disclosure requirement E1-11, sets out detailed principles for disclosing financial effects (paragraphs 38\u201342) of climate-related risks and opportunities.<\/li><\/ul><p>The old ESRS had a dedicated disclosure requirement on anticipated financial effects in each environmental standard (related to pollution, water and so on). This has now been simplified, and dedicated rules apply only to climate change; the reason is to achieve the highest possible consistency with IFRS S2.<\/p><p>What are financial effects? They are the effects of risks and opportunities on a company's financial position, financial performance or cash flows. There are two types of financial effects:<\/p><ul><li><strong>Current<\/strong>: these relate to the current reporting period, i.e. the year for which we prepare the report. These effects are disclosed in the company's financial statements. When disclosing them in the sustainability statement, we simply copy them or incorporate them by reference, with appropriate commentary, of course.<\/li><li><strong>Anticipated<\/strong>: these are financial effects that do not meet the criteria for recognition in the financial statements and are not included in current effects. Some risks and opportunities may have effects over a longer time horizon, or their likelihood may be relatively low today but expected to increase over time. These are exactly the effects that will not appear in today's financial statements but must be included in the sustainability statement.<\/li><\/ul><p>We should disclose two types of information about financial effects:<\/p><ul><li><strong>Qualitative information<\/strong>: simply descriptions, as well as any kind of assessments expressed in words, e.g. \"this risk may have a severe effect on the value of our production assets\", \"this opportunity may bring significant savings on the cost of purchased fuels and energy\".<\/li><li><strong>Quantitative information<\/strong>: numbers. We can disclose them as specific amounts or ranges of amounts, as well as other figures, such as production volume or headcount.<\/li><\/ul><p>There are also several rules that, in certain cases, allow us not to disclose quantitative information on the effects of risks and opportunities:<\/p><ul><li><strong>If the current or anticipated financial effects of the given risks and opportunities are not separately identifiable<\/strong>: I can imagine, for example, that if we identify a material reputational risk related to a sustainability matter, an attempt to calculate its financial effects may come to nothing, because the chain of cause and effect between the company's reputation and specific line items of the income statement or cash flows depends on many different factors.<\/li><li><strong>If the level of measurement uncertainty is so high that the resulting quantitative information would not be useful<\/strong>: for example, if when estimating the anticipated financial effects of a specific risk it turns out that it could increase costs by anywhere between 10% and 90%, such information is rather worthless.<\/li><li><strong>If the company does not have the skills, capabilities or resources to provide quantitative information on anticipated financial effects<\/strong>: this provision might seem to solve every problem. We don't know, we can't, it's not our field, so we don't report. I believe it will be a dead letter, because before relying on it to disclose nothing, you will need to have a serious conversation with your auditor. And besides, which management board likes to write in its report that it cannot plan the company's future? \ud83d\ude09<\/li><\/ul><p>These three situations concern quantitative information; qualitative, i.e. descriptive, information must still be disclosed.<\/p><p>Some information on the financial effects of risks and opportunities must be disclosed from the first application of the ESRS. For a lot of information, however, transitional periods apply. Their structure is complex enough that I will describe them in a future edition of the newsletter \ud83d\ude0a<\/p><p>\u00a0<\/p><p>P.S. On 23 October 2026 I am running an online training on the simplified ESRS. <a href=\"https:\/\/materialityacademy.com\/course\/szkolenie-na-zywo-102026-uproszczone-standardy-esrs\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Details and registration are on the MATERIALITY ACADEMY website.<\/a> Two hours of pure substance!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Some regulations are difficult not because of what they say, but because of the myths that have grown up around them. Sometimes the legislator is to blame for using overly complicated language; sometimes it is the transitional periods (if a long transitional period was set, the requirement is presumably hard to meet); and sometimes it is the communication noise surrounding implementation. The ESRS requirements on reporting the financial effects of risks and opportunities are one such case. So what exactly do you need to disclose about them in your report?<\/p>","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[19,20,34],"class_list":["post-6967","post","type-post","status-publish","format-standard","hentry","category-newsletter-piotra-biernackiego","tag-csrd-esrs","tag-raportowanie-esg","tag-ryzyka-i-szanse"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oswajamy skutki finansowe &#8226; MATERIALITY<\/title>\n<meta name=\"description\" content=\"Jak raportowa\u0107 skutki finansowe ryzyk i szans wed\u0142ug ESRS? 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