This paper reviews studies on the effects of accounting conservatism that used data from Taiwan and other Asian countries and were published between 2000 and 2015 in accounting journals listed in Rank ＂A＂ Journals of the Ministry of Science and Technology, the Taiwan Social Science Citation Index (TSSCI), and the Taiwan Accounting Review, as well as in other non-TSSCI journals. We attempt taxonomy of the extant literature on accounting conservatism and suggest six categories of research: the effects of conservatism on financial statement numbers, on equity markets, on debt markets, on corporate governance and compensation, and on regulation and litigation. We also discuss possible future research opportunities. In May of 2015, the International Accounting Standards Board (IASB) published for public comment an Exposure Draft proposing a revised Conceptual Framework for Financial Reporting which reintroduces the concept of ＂prudence＂ into the framework. This signifies the importance of research on accounting conservatism.