Pros And Cons Of Conservatism

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Conservatism is one of the topics being debated in accounting practices. Watts (2003) defines conservatism as anticipate no profit, but anticipate all losses. Anticipating profits means recognizing profits before there is legal claim to the revenues generating them and that the revenues are verifiable. Conservatism does not imply that all revenue cash flows should be received before profits are recognized. Paek et al., (2007) states that conservatism applies to measurement of assets and recognition of revenues and expenses: it tends to lead accountants to choose accounting methods in favor of slower recognition of income and lower valuation of net assets. Under conservative reporting, bad news is reported more timely basis than good news serves

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