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Accounting principles

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(Querist)
04 September 2013 what is difference between conservatism and prudence
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
04 September 2013
The conservatism principle is also known as the conservatism concept or the prudence concept.

The conservatism principle is the general concept of recognizing expenses and liabilities as soon as possible when there is uncertainty about the outcome, but to only recognize revenues and assets when they are assured of being received
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