A standard setter recently made a private remark that conservatism was a $$barbaric relic$$ that violated the $$neutrality$$ requirement of accounting information and that financial statements would be far more informative without conservatism. Required: a$.$ What is conservatism? What are the reasons why conservatism continues to be dominant in financial state$-$ ments? b$.$ Do you agree with the observation by the standard setter? c$.$ As an analyst would you prefer conservative accounting? Does your answer depend on your analysis objective? For example, would you prefer conservative accounting if you were an equity analyst? d$.$ Many regard conservative accounting as $$high$-$quality$$ accounting. Do you agree with this statement? Provide arguments for why you think conservative accounting increases or impedes accounting quality. e$.$ Academicsrefertotwoformsofconservatism.Whatarethey?Whichformofconservatismdoyouthinkismore useful for an analyst?