Conceptual Framework The Framework is comprised of three levels: First Level Basic Ob.jectives Second Level Qualitative Characteristics and Basic Elements Third Level Recognition and Measurement Concepts. Chapter 2-8 LO 2 Describe the FASB's efforts to construct a conceptual framework.Chapter 2-8 The Framework is comprised of three levels: First Level = Basic Objectives Second Level = Qualitative Characteristics and Basic Elements Third Level = Recognition and Measurement Concepts