2 Managerial vs financial accounting LO2 Financial and managerial accounting information serve different purposes. The following phrases are commonly used to describe either financial or managerial accounting Must follow AASB Focused on past performance Timeliness is critical Emphasises reporting on the whole company Information is often less precise Future orientation Information is often old Reports results by segments Highly customisable Required Indicate whether each of the preceding phrases describes financial accounting or managerial accounting