financial accounting(redirected from Financial accountancy)
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A branch of accounting involving the preparation and publication of financial statements, earnings reports, and other forms for disclosure to shareholders, regulators, and any other stakeholders. Financial accounting is necessary for publicly-traded companies and some other corporations. It must be accomplished in accordance with the Generally Accepted Accounting Principles or the equivalent in different countries. The primary difference between financial accounting and managerial accounting is the fact that financial accounting involves explanation to outside parties, while managerial accounting is primarily internal.