Conceptual Framework for Financial Reporting requires businesses management to consider the definitions, recognition criteria, and the concept of measurement for income, expenses, assets and liabilities in the Framework. This is emphasized in order to address the situation where no standard or situation particularly applies to a transaction, so that management must use its judgement in the process of developing and applying an accounting policy for the sake of preparing information relevant and reliable to the users. Required: a) Explain the different elements of financial statements. (3 Marks) b) Explain the recognition process for the elements of financial statements. (3 Marks) c) Discuss different measurement bases for the elements of financial statements. (4 Marks)