5

5. Information is considered material to the financial statements if 1. It falls within industry-specific quantitative guidelines published by the Financial Accounting Standards Board (FASB). II. Its omission could make a difference in the decisions made by a user relying on the financial statements. III. Its misstatement could make a difference in the decisions made by a user relying on the financial statement. A. II and III only, B. I only. C. I and III only. D. I, II and III only