Which of the following statements about accounting concepts and the characteristics of financial information is correct?
A . The concept of substance over form means that the legal interpretation of a transaction must be reflected in financial statements, regardless of the economic substance.
B . The historical cost concept means that only items capable of being measured in monetary terms can berecognizedin financial statements.
C . It may sometimes be necessary to exclude information that is relevant and reliable from financial statements because it is too difficult for some users to understand.
D . A specific disclosure requirement of an IAS does not need to be satisfied if the information is immaterial.
Answer: D
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