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Financial Management and Accounting-Importance in a business
Financial reports reflect the performance and position of the business for the past period. In essence, they are backward looking. Management accounting reports, on the other hand, often provide information concerning future performance as well as past performance. It is an oversimplification, however, to suggest that financial accounting reports never incorporate expectations concerning the future. Occasionally, businesses will release projected information to other users in an attempt to raise capital or to fight off unwanted takeover bids.
Range and quality of information
Financial accounting reports concentrate on information that can be quantified in monetary terms. Management accounting also produces such reports but is also more likely to produce reports that contain news of a non-financial nature such as measures of physical quantities of inventories and output. Financial accounting places greater emphasis on the use of objective, verifiable evidence when preparing reports. Management accounting reports may use information that is less objective and verifiable, but they provide managers with the information they need.
We can see from this that management accounting is less constrained than financial accounting. It may draw on a variety of sources and use information that has varying degrees of reliability. The only real test to be applied when assessing the value of the data produced for managers is whether or not it improves the quality of the decisions made.
The distinction between the two areas reflects, to some extent, the differences in access to financial information. Managers have much more control over the form and content of information they receive. Other users have to rely on what managers are prepared to provide or what the financial reporting regulations state must be provided. Though the scope of financial accounting reports has increased over time, fears concerning loss of competitive advantage and user ignorance concerning the reliability of forecast data have led businesses to resist providing other users with the detailed and wide-ranging information that is available to managers.
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