Implementation of Accounting Conservatism from the Perspective of Pancasila Accounting: A Phenomenological Study at PT X Cirebon
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Widatul Khusniah*
Choirul Anwar
Etty Gurendrawati
Accounting conservatism has long been understood primarily as a technical mechanism in financial reporting aimed at anticipating uncertainty and reducing information risk. However, this approach has not been fully capable of explaining the ethical and moral dimensions that underlie conservatism practices within organizational contexts. This study aims to analyze the implementation of accounting conservatism at PT X Cirebon, identify its impact on stakeholders, and explore its harmonization with Pancasila Accounting values. The study employs Edmund Husserl’s transcendental phenomenology paradigm with a qualitative approach. Data were obtained through in-depth interviews, non-participatory observation, and documentation involving informants who participated in the financial reporting preparation process. Data analysis was conducted through epoché, horizontalization, clustering of meaning units, textural description, structural description, and synthesis of meaning and essence. The findings indicate that accounting conservatism at PT X is manifested through caution in revenue recognition, earlier recognition of risks and losses, and prudent asset valuation. These practices are driven not only by compliance with accounting standards but also by moral awareness to maintain honesty and credibility of financial information. Conservatism produces positive impacts in the form of improved decision-making quality, reduced information asymmetry, strengthened accountability, and increased stakeholder trust. Furthermore, the study finds that accounting conservatism has strong alignment with Pancasila values, namely Divinity, Humanity, Unity, Democracy, and Social Justice. These findings generate a conceptual reconstruction referred to as Pancasilaist Accounting Conservatism, that is, a conservatism practice oriented not only toward technical prudence but also toward moral responsibility, humanity, and social justice in financial reporting.
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