Task 1: Literature research and summarization 1. Search the FASB ASC on Conservatism, Revenue Recognition, and Capital Maintenance. 2. Copy relevant paragraphs regarding conservatism, revenue recognition, and capital maintenance. 3. Summarize your understanding of the literature. Task 2: Answer the following questions 1. Define conservatism 2. Show your understanding on how conservatism affects financial reporting 3. Explain how financial statements that recognize losses but not gains provide information that is relevant and representationally faithful. 4. Explain whether the concept of conservatism is consistent with the physical capital maintenance concept. 5. Explain whether the concept of conservatism is consistent with the financial capital maintenance concept. Task 3: Critiques 1. Discuss the pros and cons of conservatism. 2. Discuss about the effects on financial reporting, and revenue recognitions, if conservatism is weakened. Task 1: Literature research and summarization 1. Search the FASB ASC on Conservatism, Revenue Recognition, and Capital Maintenance. 2. Copy relevant paragraphs regarding conservatism, revenue recognition, and capital maintenance. 3. Summarize your understanding of the literature. Task 2: Answer the following questions 1. Define conservatism 2. Show your understanding on how conservatism affects financial reporting 3. Explain how financial statements that recognize losses but not gains provide information that is relevant and representationally faithful. 4. Explain whether the concept of conservatism is consistent with the physical capital maintenance concept. 5. Explain whether the concept of conservatism is consistent with the financial capital maintenance concept. Task 3: Critiques 1. Discuss the pros and cons of conservatism. 2. Discuss about the effects on financial reporting, and revenue recognitions, if conservatism is weakened