Difference

The terms PRUDENCE and CONSERVATISM are not comparable terms and hence one cannot give the differences. One can only define them seperately.

PRUDENCE refers to any decision which is taken by a person with the relevant knowledge for making a decision. 

For Example, the opinion on any accounting transaction is to given as if one has the knoledge of an accounting professional to be prudent.

CONSERVATISM refers accounting of all known losses and expenses and all realised/realisable gains and incomes. That is one makes provisions for expenses and no provision for incomes.