what is the difference between management and financial accoounting?

Management accountingcollecting and analysing internal information which are used by internal stakeholders such as managers. This help them with decision making to help them achieve their objectives of the company. This isn't required by law and employees producing this data don't have specific requirements to meet. Financial accounting preparing financial reports which shows the companies financial performance. These are used by external stakeholders which help with their decision making. For example bank deciding if to offer the company a loan. This is required by law and have specific standards it has to follow. These standards are important to give a true and fair view of the firm and allow stakeholders to compare with other firms.