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English definition of “conservatism”

conservatism

noun [U]     /kənˈsɜːvətɪzəm/
the fact of avoiding risks that are unnecessary : Banks are no longer thought of as paragons of financial conservatism. Republican candidates have tried to highlight their fiscal conservatism.
ACCOUNTING a principle of accounting in which assets or profits are not shown in accounts as greater than they may actually be, and financial losses are not made to seem smaller than they are: If a situation arises in which there are two acceptable alternatives for reporting an item , conservatism directs the accountant to choose the alternative that will result in less net income . → See also prudence
(Definition of conservatism noun from the Cambridge Business English Dictionary © Cambridge University Press)
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