<P> The differences between management accounting and financial accounting include: </P> <Ol> <Li> Management accounting provides information to people within an organization while financial accounting is mainly for those outside it, such as shareholders </Li> <Li> Financial accounting is required by law while management accounting is not . Specific standards and formats may be required for statutory accounts such as in the I.A.S International Accounting Standard within Europe . </Li> <Li> Financial accounting covers the entire organization while management accounting may be concerned with particular products or cost centres . </Li> </Ol> <Li> Management accounting provides information to people within an organization while financial accounting is mainly for those outside it, such as shareholders </Li> <Li> Financial accounting is required by law while management accounting is not . Specific standards and formats may be required for statutory accounts such as in the I.A.S International Accounting Standard within Europe . </Li>

Managerial accounting information for a company is primarily used by its