The third level of the conceptual framework includes the: (a) elements of financial statements. (b) objective of financial reporting. (c) qualitative characteristics of accounting information. (d) recognition, measurement, and disclosure concepts

The correct answer is (d) recognition, measurement, and disclosure concepts.

Explanation:

The recognition principles represent the process of incorporation of economic events made in accounting, that is, changes in resources that come from transactions or other events that increase or decrease the entity's assets. This process is based on the recognition principles for assets, liabilities, income and expenses.

The principles of measurement can be summed up in two concepts: the principle of historical cost and that of fair value - market exit price. International standards for the presentation of IFRS-IFRS financial reports require that accounting be prepared on the basis of the historical cost principle and that some items be adjusted at fair value, provided that it can be demonstrated that a market measure is more useful for Users of financial statements. Thus, each standard contains the initial and subsequent measurement criteria that is most useful for users, requiring, in many cases, that the cost, as an expression of the market price or value on the date of acquisition, be adjusted in periods after the fair value.

The principles of disclosure are complied with through the financial statements, the notes and other complementary information provided by the entity. If better disclosures are made, the users of the financial statements will be able to make more accurate decisions when allocating resources to the entity and when evaluating their performance.