CIMA BA3 Syllabus A. ACCOUNTING PRINCIPLES, CONCEPTS AND REGULATIONS - Financial vs Management Accounting - Notes ^{6 / 22}

	Management accounting	Financial accounting
1. Users and decision-makers	Internal use - Management and employees	External use - Shareholders, banks, government
2. Purpose of information	To aid in planning, decision- making and control	To record the financial performance and position of the business
3. Legal requirements	None	Limited companies must produce financial statements
4. Formats	Management decide the best way to present information.	According to company law
5. Nature of information	Most monetary; but also non- monetary information	Monetary information
6. Time period	Historical and forward-looking	Mainly historical