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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.
The concept of "two sets of books" refers to the practice of keeping two sets of accounting ledgers ("books").In colloquial terms, this practice may refer to fraudulent behavior, i.e. attempting to hide or disguise financial transactions from outsiders by having a falsified set of records for official use and another for internal recordkeeping.
Criticism of libertarianism includes ethical, economic, environmental and pragmatic concerns. With right-libertarianism, critics have argued that laissez-faire capitalism does not necessarily produce the best or most efficient outcome, and that libertarianism's philosophy of individualism and policies of deregulation fail to prevent the abuse of natural resources. [1]
The term is sometimes used in South Korea, where left-liberal Democratic Party of Korea (DPK) and conservative People Power Party (PPP) are the two main parties. [54] Fiscal conservatism is mainly represented by PPP. [55] South Korea's current president, Yoon Suk-yeol, is known as a "fiscal conservative". [56]
Supporters of pro-abortion rights organizations may hold less conservative views on abortion, but tend to hold relatively conservative views on other political issues. [65] Support for abortion rights ranges. The 1992 American National Election study asked respondents about their support for the legal rights of abortion.
Economic liberalism is a much broader concept than fiscal liberalism, which is called fiscal conservatism or economic libertarianism in the United States. [12] The ideology that highlighted the financial aspect of economic liberalism is called fiscal liberalism, which is defined as support for free trade. [13]
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.
The Reactionary Mind: Conservatism from Edmund Burke to Sarah Palin is a 2011 book written by political theorist Corey Robin.It argues that conservatism from the 17th century to today is based on the principle "that some are fit, and thus ought, to rule others".