Your boss, who was taught the Conceptual Framework back in the Stone Age, tells you that the justification for valuing receivables at their recoverable amount is "prudence" because it is better to be conservative and undervalue assets. Explain why the drafters of the Conceptual Framework would disagree with your boss's application of prudence. Then use the relevant parts of the Conceptual Framework's definition of and recognition criteria for assets to enlighten your boss. Format your answer by copying and pasting the following bold face into the answer box provided; however, please do not use bold face in your answer itself. Explanation of misapplication of prudence: Definition of and recognition criteria for assets to justify valuing Accounts Receivable at recoverable amount