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Abstract – Accounting conservatism is a controversial topic and a debate in accounting research. Conservatism is an accounting principle whose application will cause profits and assets to be low and costs and debt to be high. One of the factors that determine the level of conservatism in a companys financial reporting is the commitment of the management and internal company in providing transparent, accurate and not misleading information for investors. This is a part of the implementation of Good Corporate Governance. The many cases of fraud and accounting reporting scandals in Indonesia indicate the low level of conservatism applied by companies in preparing their financial statements indirectly. The paper aims to analyse the financial and non-financial factors which influence accounting conservatism both accruals based and market value based. The sample of this research are 897 data of 69 conglomerates on the Indonesia Stock Exchange (IDX) from 2005 to 2017. Regression panel data was used for analysis. It was found that financial factors (leverage, size, profitability and growth), good corporate governance (independent commissioners and audit litigation) are determining factors to the accounting conservatism based market. Meanwhile, determinant of accounting conservatism based accrual are profitability, firm size and audit litigation. Market value approach is better than accruals based to measure Accounting conservatism models in Indonesia conglomerates. The finding of result supported positive accounting theory (bonus plan, debt covenant, and political cost hypothesis).