Final answer:
The statement is false. A change in accounting principle occurs when new, generally accepted principles are adopted for more relevant and reliable financial reporting, not solely because of prior immaterial events.
Step-by-step explanation:
The statement, "A change in accounting principle results when a company adopts a new principle in recognition of events that were previously immaterial," is False. A change in accounting principle occurs when an entity adopts a different accounting principle that is generally accepted. This could be due to changes in the environment, the industry, or when it is determined that the new principle provides more reliable and relevant information about the financial statement elements. The change is not necessarily due to previous events being immaterial but rather a reevaluation of the most appropriate accounting principle to apply.