If the omission or misstatement of information, individually or in the aggregate, could reasonably be expected to influence the economic decisions of users of financial statements, then that information is, by definition of ISA 320:
A) insignificant.
B) material.
C) relevant.
D) significant.

Question

Quizplus · Accepted Answer

According to ISA 320, information is considered "material" if its omission or misstatement could reasonably be expected to influence the economic decisions of users made on the basis of the financial statements.

If the Omission or Misstatement of Information, Individually or in the Aggregate