In the realm of financial reporting, the concept of conservatism has long been a topic of debate. Proponents argue that conservatism enhances the reliability of financial statements by recognizing losses promptly while being cautious in recognizing gains. Critics, however, contend that conservatism leads to biased reporting, as it may result in understating assets and income. Discuss the concept of conservatism in accounting, considering its theoretical foundations, practical implications, and the ongoing debate surrounding its application in financial reporting. In your response, analyze how conservatism impacts various stakeholders, including investors, creditors, management, and regulatory bodies. Furthermore, evaluate whether conservatism still holds relevance in contemporary accounting practices, particularly in light of evolving accounting standards and the increasing demand for transparent and decision$-$useful financial information.