The Institute of Certified Management Accountants states that
A management accountant applies his or her professional knowledge and skill in the preparation and presentation of financial and other decision acquainted information in such a way as to help operation in the expression of programs and in the planning and control of the operation undertaking".
Management accounting information differs from financial accountant information in several ways:
- while shareholders, creditors, and public regulators use publicly reported financial accountancy, information, only managers within the organization use the normally confidential management accounting information
- while financial accountancy information is historical, management accounting information is primarily forward-looking
- while financial accountancy information is case-based, management accounting information is model-based with a degree of abstraction in order to support generic decision making;
- while financial accountancy information is computed by reference to general financial accounting standards, management accounting information is computed by reference to the needs of managers, often using management information systems.
While
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| Management Accounting |
Managerial Accounting
Managerial Accouting is a term that is normally used for management accouting too.But there is a minor difference in some books and according to some writers it is
Managerial accounting, also called management accounting, is a method of accounting that creates statements, reports, and documents that help management in making better decisions related to their business' performance. Managerial accounting is primarily used for internal purposes.
Hence there is negligible difference which can be ignored