Accounting

goes beyond presenting the result of a company’s operations in numeric terms to

include information about environmental and social impacts.

Management

accounting reports are always produced at regular time intervals.

Financial

statements for public companies such as Qantas Ltd are prepared as frequently

as demanded by shareholders.

Despite

having different users and a different focus, management accounting and

financial accounting are both based on the same core set of data/transactions.

Broadly

speaking, financial accounting information is prepared for decision making by many

different user groups external to a business, while management accounting is

used by internal users such as managers.