The foundation of the International Accounting Standards Board's (IASB's) Conceptual Framework is found on the third level of the Framework and includes assumptions, principles, and constraints.

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The foundation of the IASB's Conceptual Framework is actually found on the first level, which outlines the objective of financial reporting and the qualitative characteristics of useful financial information.

The Foundation of the International Accounting Standards Board's (IASB's) Conceptual