Difference between Financial and Management Accounting

Justification for the content of file B13208
Difference between Financial and Management Accounting
Link: https://efinancemanagement.com/financial-accounting/difference-between-financial-and-
management-accounting
(Data has been extracted from here)
Points of Difference Financial Accounting Management Accounting
AIM The main aim is to
provide information
to outside parties.
Outside parties
include creditors,
investors, customers,
etc. Hence, it is
mainly aimed at
assisting investors in
making informed
decisions.
Here, the aim is
different than
financial accounting.
Generally,
management
accounting
information is meant
for management to
make informed
business decisions.
REGULATORY
REQUIREMENTS
It is a mandatory
requirement for every
public organization
by the government.
Thus, they are
governed by
Accounting Standard
Boards, companies’
law and government.
It is at the discretion
of management.
There is no
mandatory
requirement but still,
institutes like CIMA,
ICWAI, etc provide
some framework and