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In accounting, the convention of conservatism, also known as the doctrine of prudence, is a policy of anticipating possible future losses but not future gains. It states that when choosing between two solutions, the one that will be least likely to overstate assets and income should be selected.
Consistency principle: The company uses the same accounting principles and methods from period to period. Conservatism principle: When choosing between two solutions, the one which has the less favorable outcome is the solution which should be chosen (see convention of conservatism)
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Conservatism has varied considerably as it has adapted itself to existing traditions and national cultures. [10] Thus, conservatives from different parts of the world, each upholding their respective traditions, may disagree on a wide range of issues. [11]
The Financial Accounting Standards Advisory Council then voiced its concerns due to the increase of financial reporting guidance from the old U.S. GAAP standards, and the FASB responded by launching a new project to codify the standards. The project was approved in September 2004 by the Trustees of the Financial Accounting Foundation. [2]
Soon after, in 1818, defenders of the French Old Regime founded a pro-monarchy journal, Le Conservateur, that first used "conservative" in the modern, political sense. The magazine listed what it ...
Accounting ethics is primarily a field of applied ethics and is part of business ethics and human ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics. Accounting was introduced by Luca Pacioli, and later expanded by government groups, professional organizations, and independent ...
Conservative liberalism is an ideology that highlights the conservative aspect of liberalism, so it can appear in a somewhat different form depending on the local reality. Conservative liberalism refers to ideologies that show relatively conservative tendencies within the liberal camp, so it has some relative meaning.