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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.
Vatter, William Joseph. The fund theory of accounting and its implications for financial reports. University of Chicago Press, 1947. Vatter, William Joseph. Managerial accounting. Prentice-Hall, 1950. Articles, a selection: Vatter, William J. "Limitations of overhead allocation." Accounting Review (1945): 163-176.
In American political theory, fiscal conservatism or economic conservatism [1] is a political and economic philosophy regarding fiscal policy and fiscal responsibility with an ideological basis in capitalism, individualism, limited government, and laissez-faire economics.
As a result, financial reports could be viewed with fairness and transparency. When the U.S. switched to International accounting standards, they are composed that this would bring change. However, as a new chairperson of the SEC takes over the system, the transition brings a stronger review about the pros and cons of rules- based accounting.
Goetzmann is the son of Pulitzer and Parkman Prize-winning historian, William H. Goetzmann, and Mewes Mueller Goetzmann. He graduated from Yale College in 1978 with a degree in Art History and Archaeology, earned his MBA in 1986 from the Yale School of Management, and his Ph.D. from Yale University in Operations Research with a dissertation on topics in finance in 1990.
This is a selective bibliography of conservatism in the United States covering the key political, intellectual and organizational themes that are dealt with in Conservatism in the United States. Google Scholar produces a listing of 93,000 scholarly books and articles on "American Conservatism" published since 2000. [1]
"for their pioneering work in the theory of financial economics." [24] 1982 George Stigler: 1/1 "for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation." [25] 1979 Theodore Schultz: 1/2
The above-mentioned PwC senior partners expressed that convergence will lead to an accounting system that is too rules-based for non-US listed companies, [14] while other critics conversely criticize the principles-based nature of the IFRS as making it difficult for preparers of financial statements to defend against litigation.