Final answer:
The third level of the conceptual framework in accounting does not include elements, which refer to financial statement components like assets and liabilities, and are recognized at a different level.
Step-by-step explanation:
The third level of the conceptual framework in accounting does not include elements. The conceptual framework in accounting consists of a series of objectives and fundamentals that provide a foundation for financial reporting. This framework comprises three levels: basic objectives, qualitative characteristics, and elements of financial statements. At the third level, the recognition and measurement concepts such as assumptions, principles, and constraints are established, but elements refer to the financial statement components like assets, liabilities, equity, income, and expenses and are typically recognized at a different level within the framework.