The International Accounting Standards Board's (IASB) Conceptual Framework Includes a Materiality

Multiple Choice

The International Accounting Standards Board's (IASB) conceptual framework includes a materiality constraint. Which of the following is true regarding this constraint?

A) The IASB's rule for materiality is any item under 5% of net income is considered immaterial.
B) Materiality factors into both internal and external accounting decisions.
C) An item is immaterial if its inclusion or omission would influence or change the judgment of a reasonable person.
D) All of the choices are correct.