What is the difference between financial accounting and management accounting?

Financial accounts are supposed to be in accordance with a specific format by IAS so that financial accounts of different organizations can be easily compared.
Financial accounting helps in making investment decision, in credit rating.
A financial accounting system produces information that is used by parties external to the organization, such as shareholders, bank and creditors.
Financial accounting focuses on history.
Financial accounting reports are primarily used by external users, such as shareholders, bank and creditors.
Management accounting No specific format is designed for management accounting systems.
Management Accounting helps management to record, plan and control activities to aid decision-making process.
A management accounting system produces information that is used within an organization, by managers and employees.
Management accounting focuses on future.
Management accounting reports are exclusively used by internal users viz.
managers and employees.

Briefly, Financial accounting related more to fiance and account operation works and management accountant related to financial management reporting including budgeting, forecasting and controlling.