Which of the Following Statements About AASB 1031 Materiality Is/are $\quad$

Multiple Choice

Which of the following statements about AASB 1031 Materiality is/are correct?
I. $\quad$ Qualitative factors may be the primary reason that an item is classified as material.
II. $\quad$ Materiality means that accounting standards only have to be applied to an item if the amount of the item is greater than or equal to 10 per cent of the relevant base amount.
III. $\quad$ An accounting standard's provisions may have to be applied to an item even when that item is less than 1 per cent of the relevant base amount.
IV. $\quad$ Materiality applies to accounting measurement and policies but not to disclosure.

A) III only
B) I and II only
C) I and III only
D) I, III and IV only