Which statement is incorrect concerning materiality? a. Information is material if its omission or misstatement could influence
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Question:
Which statement is incorrect concerning materiality? a. Information is material if its omission or misstatement could influence the economic decision of users taken on the basis of the financial statement. b. Materiality is dependent on professional judgement because no threshold limits is defined in the framework or accounting standard c. Materiality is a primary qualitative characteristic rather than a threshold or cut off point in determining useful information d. Materiality depends on the relative size of the item or error judged in the particular circumstances of its omission or misstatement.
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