What is the difference between "Financial Statements" and "Management Accounts"?

Financial statement reveals the measurement of economic changes that have occurred in an entire business during the period under measurement, whereas management accounting is to provide appropriate information based on financial statements to the management to help them in taking better decisions.
In short, the financial accounting and management accounting can be better labeled as external accounting and internal accounting, respectively.

Objective of Financial Statements is to provide information (mostly financial) to wide range of stakeholder but primarily to Shareholder to make their economic Decisions...
However Management Accounts are prepared to support and make appropriate decision making

Financial Statements are governed by authentic standards and local laws the information provided are more external oriented.
Management accounts, on the hand, are the same set of statements but with different focus, detail oriented and presented along with analyses.
Management accounts term is very theoretical in nature and , therefore, management uses the title financial statements, Operational review, Management Review etc.
instead of management accounts.

Financial statements require by stakeholders like creditors, stockholders, audit purpose for tax payment etc.
and also prepare following through GAAP .
But Management accounts only prepare for the decisions making about the current & future business trend doesn't require to follow GAAP.

Financial statements are records that provide an indication of a business" financial status" at the end of reporting year.
There are four basic types financial position (Balance Sheet) Statement of comprehensive income (Income Statement) Statement of changes in equity Statement of cash flows while Management Accounts provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions

The objective of management accounts is to provide timely and key financial and statistical information required by managers to make day to day and short-term decisions.
Financial Statements show the Financial Performance and Financial Position of the Organisation.

Managerial accounting information is aimed at helping managers within the organization make decisions.
In contrast, financial accounting is aimed at providing information to parties outside the organization.

Businesses communicate accounting information to the public through a process known as financial reporting.Financial reportingis a process through which companies communicate information to the public.
The central means of external financial reporting is a sset of financial statements.
The four general-purpose financial statements are the following: Income Statement Statement of Changes in Equity Balance Sheet Statement of Cash Flows Management Account is the management of financial resources how to best find and use investments and financing opportunities in an ever-changing and increasingly complex environment.Finance is the science of managing financial resources in an optimal pattern i.e.
the best use of available financial sources.Finance consists of three interrelated areas: 1) Money & Capital markets, which deals with securities markets & financial institutions.
2) Investments, which focuses on the decisions of both individual and institutional investors as they choose assets for their investment portfolios.
3) Financial Management, or business finance which involves the actual management of firms.

Financial statements are follow certain standards and guidelines(accounting practice/standards, tax regulations etc) and are used mainly for external purposes Management accounts may usually be prepared according to the information needs of the organization, to guide management with decision making.

1.
Purpose Financial accounting is designed to state the financial position of an organisation and provide information about its revenue generation/profits to stakeholders.
It is geared towards external information users- primarily regulators, government and owners.
Management accounting has an internal focus, on the other hand.
Accountants/accounting clerks prepare such information for internal managers, who use it to aid and facilitate planning, decision-making and control.2.
Legal requirement Management accounting is optional- used solely at the discretion of an organisation's managers.
External stakeholders usually do not even view management accounts.
This is because there is no legal requirement for any organisation to prepare management accounts.
Financial accounts are for external users.
However, only limited liability companies bear the legal obligation to produce these accounts.3.
Format and standards The formats of management accounts are exclusively at the discretion of managers.
However, financial reports must adhere to International Financial Reporting Standards and International Accounting Standards.
This makes financial reports virtually standardized while management accounting formats and systems vary widely among and within organisations.4.
Scope Financial accounts represent an aggregate of entities, activities and operations for the whole organisation, including any subsidiaries.
The focus of management accounts is far more specific, as it deals with particular activities, sections or departments.
Management accounting has an inherently narrower focus than financial accounting.5.
Content Financial reports usually deals with financial information.
In other words, most things in a financial report are of a monetary nature (having a dollar value).
Management accounts incorporate both monetary and non-monetary measures, i.e.
financial and non-financial information.
This does not mean that financial reports are not complete- just that data needs to be transformed to monetary figures for financial reports.
After all, financial reports do not account for productivity or employee morale.6.
Period covered By nature, financial accounts provide a historical representation of an organisation's operations for a defined period.
Management accounts can provide aspects of past operations and projections for future operations, since they are also planning and decision-enabling tools.
The differences between financial and management accounting is significant to management and accountants.
Since information has objectives that information users define, production of management accounts and financial accounts consider the needs of these users, whether internal or external.
Since financial reports for limited liability companies are mandatory and regulated, it merely requires conformity.

Financial accounting is the process of measuring a company’s assets, liabilities and equity.
Management accounting is an internal function that allocates materials, labor and overhead costs to products.
And Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.