Consider time in the context of a time line. A temporal object represents a specific portion of the time line. The time domain is defined through the value for temporalReferencing. The portion of the time line is defined by the value for timeObject.
time: the position of the object on a time line, i.e., the time or date or duration indicating the existence of the object.
temporalReferencing: the temporal framework for time data defined in terms of time type, offset from UTC, etc. Time type indicates whether the data is referenced to an arbitrary time, to Universal Coordinated TIME (UTC), or to GPS timing. (With GPS, time is treated as UTC, but without any adjustments for leap seconds. See the enumeration TimeType for further clarification.