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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.
In accounting, lower of cost or market (LCM or LOCOM) is a conservative approach to valuing and reporting inventory. Normally, ending inventory is stated at historical cost. However, there are times when the original cost of the ending inventory is greater than the net realizable value, and thus the inventory has lost value.
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)
The terms "innovative" or "aggressive" are also sometimes used. Another common synonym is "cooking the books". Creative accounting is oftentimes used in tandem with outright financial fraud (including securities fraud), and lines between the two are blurred. Creative accounting practices have been known since ancient times and appear world-wide ...
A conservative investment style will tend to hold fixed-income investments and may include money-market funds, certificates of deposit, Treasury bonds or high-quality corporate bonds. This ...
Accounting Principles Board Opinions, Interpretations and Recommendations were published by the Accounting Principles Board from 1962 to 1973. The board was created by American Institute of Certified Public Accountants (AICPA) in 1959 and was replaced by Financial Accounting Standards Board (FASB) in 1973.
The Dispatch is a new digital media company providing engaged citizens with fact-based reporting and commentary, informed by conservative principles. Sign up for free. Show comments
Looking further ahead, the main concern is that Abel won't stick with Buffett's balanced strategy of milking its conservative, cash-rich businesses and investing in undervalued stocks. If Abel and ...