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Why does financial accounting have to comply with GAAP but managerial doesnt?
Wiki User
∙ 16y ago
No Accounting standards have been developed for managerial accounting and it is so that because managerial accounting deals and use for internal purpose of management and do not concern with outside stake holders that's why it is on organizations decision that how they use managerial information.
IFRS or IAS or GAAP are developed for financial accounting because financial information is required to be disclosed to general public and that's why it is for the benefit for the general user who don't know much about general working of entity so to make it helpfull these accounting standards are developed so that these general public can get information they required from financial statements of the entity easily.
Wiki User
∙ 16y ago
Wiki User
∙ 9y agoAccounting firms GAAP compliance is mandatory, whereas they are required to report internally and externally. Managerial accounting hasn't the same requirements, it is flexible option wise.
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