| Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. |
Financial accounting (or financial accounting) is the field of accounting concerned with the summary, analysis, and reporting of financial transactions related to a business. |
| This involves the preparation of financial statements available for public consumption. |
This involves the preparation of financial statements available for public consumption. |
| Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. |
Stockholders, suppliers, banks, employees, government agencies, business owners and other interested parties are examples of people interested in receiving such information for decision making. |
| Financial accountancy is governed by both local and international accounting standards. |
Financial accounting is governed by local and international accounting standards. |
| Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. |
Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. |
| It includes the standards, conventions and rules that accountants follow in recording and summarising and in the preparation of financial statements. |
It includes the standards, conventions, and rules that accountants follow in recording and summarizing and in preparing financial statements. |
| On the other hand, International Financial Reporting Standards (IFRS) is a set of passionable accounting standards stating how particular types of transactions and other events should be reported in financial statements. |
On the other hand, International Financial Reporting Standards (IFRS) are an exciting set of accounting standards that establish how particular types of transactions and other events should be reported in financial statements. |
| IFRS are issued by the International Accounting Standards Board (IASB). |
IFRS are issued by the International Accounting Standards Board (IASB). |
| With IFRS becoming more widespread on the international scene, consistency in financial reporting has become more prevalent between global organisations. |
With IFRS becoming more widespread on the international stage, consistency in financial reporting has become more prevalent among global organizations. |
| While financial accounting is used to prepare accounting information for people outside the organisation or not involved in the day-to-day running of the company, management accounting provides accounting information to help managers make decisions to manage the business. |
While financial accounting is used to prepare accounting information for people outside the organization or not involved in the day-to-day running of the business, management accounting provides accounting information to help managers make decisions to run the business. |
