Please mention the fundamental differences between financial accounting and management accounting?

In my opinion, the differences between the two type of accounting is their primary concerns. Financial accounting concerns primarily in describing the financial resources, obligations and activities of an economic entity resulting to the preparation of general purpose financial reports on financial position and operating results. While Management accounting is primarily concern with the designs, installation and improvements of accounting system intended specifically to help management  in running the business.

                                         Financial Accounting,                               Managerial Accounting recipient of information:                      external,                                         internal legal regulation:                       complete,                                                   freedom nature of the information:        the exact rapid,                                          significant valuation rules:                  historical cost, fair value,                                           any

Financial Accounting

It is the maintenance of daily record of ALL financial transactions in such manner that it would help in the preparation of suitable information regarding the financial affairs of a business or an individual.

Management Accounting

Management accounting is application of professional knowledge and skill in the preparation and presentation of financial information in such a way as to assist management in decision making and in the planning and control of operations of the entity

Financial Accounting is concerened with providing information to external parties FOR EXAMPLE 1) Stockholders 2)Lenders 

3)Financial Analyst 

4) other outsise parties of the COMPANY.

Where as Managment Accounting is the process of  identification , measurement , acumulation , analysis , preparation interpretation and communication of  information that is used by management to i) evaluate ii) plan iii)  and controlwiithin and entity .    ( Ref CMA dictionery) It focus on providing info to magt such as to make informed and effective decision 

Financial account is one that has sets of rules and regulations like GAAP to go through while making financial statement, and it is for everyone to read, and it is available for shareholders to download and potiental new ones to invest in buying shares, also is about Asset, liabities, and owner quity, in which states the history of business.

now management account is different which important information which should not be displayed to anyone except the line managers and decision makers, it contains the fix cost, variable costs, and raw materials costs, and everything that should not get hold off by other company so they can't figure out how to imitate them, also budgetting for next year and meeting those budgets, and the Breakeven Point.

fundamental difference is that financial accounting is historical figures working.eg annual F/S .while in management accounting we do future accounting.eg budgeting.forecasting.performance measuring financial accounting have qualitative data and managment accounting use both qualitative and quantitative data.hope so its helpful for u.

Management accounting is a field of accounting that analyzes and provides cost information to the internal management for the purposes of planning, controlling and decision making.

whereas,

financial accounting is concerned with providing information to stockholders, creditors, and others who are outside an organization. 

There are several differences and reporting differences is  somehow major, Financial Accounting prepares it adhering to IFRS ( International Financial Reporting Standards) based on its past operations or historical in nature taking it as a whole.

While Management Accounting reports was based on Management Standards and is future-oriented and is usually segmentized according to needs of the Management.