estors and creditors. Managerial accounting data, however, would enhance the capability of investors and creditors in the contemporary environment to place a valuation on the firm and assess managerial performance.
2. Managerial accounting emphasizes the future, while financial accounting emphasizes the current period and the past. This difference is of the greatest relevance to the issues addressed in this research.
3. Financial accounting is governed by generally accepted accounting procedures, while managerial accounting is not so governed. Proposed changes for financial reporting would bring relevant aspects of managerial accounting within the framework of generally accepted procedures.
4. Managerial accounting emphasizes the relevance and flexibility of financial data, while financial accounting requires adherence to factual events; thus financial accounting reports may not deviate from actual events, regardless of intent. This feature of financial reports based solely on the concepts of financial
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