CPA Financial Reporting Practice Questions - CPA Program - Financial Reporting Exam

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An entity is deciding whether to omit a particular item from its financial statements. Under the Conceptual Framework, information is material if:

Omitting, misstating or obscuring it could reasonably be expected to influence the decisions that primary users make on the basis of the financial statements It relates to a related-party transaction It is required to be disclosed by a specific IFRS Its value exceeds 5% of total assets

Correct Answer:

Omitting, misstating or obscuring it could reasonably be expected to influence the decisions that primary users make on the basis of the financial statements

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