State-of-the-art complete active space self-consistent field/complete active space second order perturbation theory (CASPT2) calculations are used to investigate the role of double excitations on the ground state absorption (GSA) and excited state absorption (ESA) spectra of distyrylbenzene, an important prototype medium-sized π-conjugated organic compound for optoelectronics. The multi-reference results are compared with linear and quadratic response time-dependent density functional theory (DFT) results, revealing an incomplete description of the electronic transitions in the latter. Careful selection of the active space and basis set in the CASPT2 approach allows for a reliable description of the GSA and ESA features; cost-effective DFT-based geometries can be utilized without a significant loss of accuracy. Double excitations are shown to play a pivotal role already for higher excited states in the GSA spectrum, however, without a relevant impact on the discernible spectral features. In the ESA, which shows a much more complex electronic situation, the crucial importance of double (and higher) excitations in all relevant electronic transitions, indeed, mandates a multiconfigurational treatment as done in the present benchmark study.
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