Final answer:
Option D: Materiality is an aspect of relevance according to the IASB's Conceptual Framework. It refers to the importance and significance of information in influencing economic decisions of users.
Step-by-step explanation:
According to the IASB's Conceptual Framework, materiality is an aspect of relevance. Materiality refers to the importance and significance of information in influencing the economic decisions of users. In accounting, information is considered material if its omission or misstatement could impact the decisions of users.
For example, if a company's financial statements contain an error in the reported revenue that is immaterial, it may not significantly affect the users' decisions. On the other hand, if there is a significant error in reporting the company's liabilities, it could have a material impact on the decisions made by investors or creditors.
Therefore, materiality is an important concept in accounting that helps determine what information is relevant and should be disclosed in financial statements.