What are the best practices for assessing materiality in reporting?

What are the best practices for assessing materiality in reporting?

Best practices for assessing materiality include stakeholder engagement, understanding context, and using quantitative and qualitative criteria.

Can you explain how stakeholder engagement plays a role in this process?

Stakeholder engagement helps identify what is important to different groups, ensuring that the assessment reflects their concerns and priorities.

What quantitative criteria should I consider?

Quantitative criteria may include financial thresholds, such as revenue impact, and non-financial metrics like environmental or social implications.

Are there any common pitfalls to avoid?

Yes, common pitfalls include ignoring stakeholder input, relying solely on financial metrics, and failing to update assessments regularly.