Advantages and Disadvantages of Conservatism Convention in Accounting

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Conservatism can be defined as the disclosure of the minimum values of assets
, revenues and higher values for obligations and expenses. it also stipulates that one should immediately recognize bad news(losses) and delayed in recognizing good news(profit).

Disadvantages of Conservatism
1. it protects the accountants from risk arising from dissemination of accounting information which may prove to be incorrect later on, and non-dissemination of accounting information until their validity has been proven.
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Learnersquota said…
This is wonderful piece.
7 May 2020 at 23:52
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