What is the difference between financial and managerial accounting?

1.Management accounting provides information to people within an organization while financial accounting is mainly for those outside it, such as shareholders2.Financial accounting is required by law while management accounting is not.
Specific standards and formats may be required for statutory accounts3.Financial accounting covers the entire organization while management accounting may be concerned with particular products or cost centres

I agree with Mohamed mansour.

Let see from the definition Financial accountings are meant for Regulators as per IAS.

While Management accountings (MIS) are the additional adjustments made post financial reported numbers.

Both are equally important one for regulators and another for management.

Nowadays Management Reporting are most important as it provides detail segmental business, productwise and cost centrewise reporting. whcih helps management to take vital decisions.