Neuchatel Travel on These outside users make decisions pertaining to the company, such as whether to extend credit to a company or to invest in a company. Consequently, financial accounting information relates to the company as a whole, while managerial accounting focuses on a part or a segment of a company. It follows, therefore, that financial accounting is macro whereas managerial accounting is micro in nature. Because of the diverse type of businesses companies may engage in, it is imperative to use uniform standards to record, process, accumulate and communicate the accounting information to outsiders. In the absence of such reporting standards or principles, accountants of a company or different companies may report their financial statements differently from year to year based on their personal goals or preferences. This would make the comparisons of financial statements very difficult from year to year and, at times, would be misguiding. At the very early stage of its development, the accounting profession recognized the need to address this issue of adopting uniform standards for the preparation and reporting of financial statements. Neuchatel Travel 2016.
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