Which of the following concepts relates to the idea that only information that could influence the decisions of users should be reported in financial statements?

The concept that relates to the idea that only information which could influence the decisions of users should be reported in financial statements is materiality. Materiality is a fundamental principle in accounting that emphasizes the significance of financial information and dictates that all information that could potentially impact a decision-maker's economic choices must be disclosed. This ensures that financial statements provide a true and fair view of the organization's financial health without overwhelming users with trivial details.

Materiality is determined based on both qualitative and quantitative factors, meaning that not just the size of an item matters, but also its nature and context in which it is presented. For instance, a small expense may be considered material if it involves a significant issue like a legal matter or if it could sway investor sentiment.

The other concepts listed—conservatism, consistency, and relevance—while also important in the realm of accounting, do not specifically focus on the notion of influencing user decisions in the same way as materiality does.

Conservatism encourages accountants to recognize expenses and liabilities as soon as possible but to only recognize revenues when they are assured, thus serving a different purpose in financial reporting. Consistency refers to the practice of applying the same accounting principles over time, which helps ensure comparability of financial statements but