What does accounting conservatism mean?

accounting conservatism meaning in Law Dictionary

very scrutinized evaluation of reduction and income. This conventional method prevents reduction and increases revenue. The reports that outcome are acclimatized to make essential choices.

accounting conservatism meaning in Business Dictionary

A conservative approach to accounting which calls for a high degree of scrutiny of possible losings, expenses, and income before making any appropriate claim of profits, being guarantee plainly acknowledged and validated financial reports.