Differences between management accounting and financial accounting

Aspect	Management Accounting	Financial Accounting
Report frequency / timing	Prepared as often as needed (daily, weekly, monthly, by project, ad hoc). Often uses future-oriented and real-time information for planning and control.	Prepared periodically according to reporting cycles (usually quarterly and annually). Mainly historical information based on past transactions.
User orientation	Aimed at internal users: managers at all levels, department heads, project leaders, budget committees, etc. Focus is on helping decision making, planning, controlling, and performance evaluation inside the organisation.	Aimed at external users: shareholders, investors, lenders, regulators, tax authorities, and sometimes the public. Focus is on providing a true and fair view of financial position and performance of the whole entity.