Directive 2014/95/ EU, article 1(1), introduces a new factor to be taken into account when assessing the materiality of non-financial information by referring to information "for an understanding of the undertaking’s development, performance, position and impact of its activity". Furthermore, the European Commission Guidelines state that the materiality assessment should take into account internal and external factors. Increasingly, efforts are being made towards such a conversion. This includes an interim report by the High-level Expert Group on Sustainable Finance of the European Union.9 The report states that to make further progress in the convergence of financial and non-financial reporting, the European Commission could invite the European Financial Reporting Advisory Group to ask the International Integrated Reporting Council to study how sustainability factors can be captured in dedicated accounting standards, in addition to those for financial reporting.