Hello! I need some help responding to this post. I am taking an accounting class and we have to respond to things that people post. I need some help responding to the post below. Any help you can give me would be greatly appreciated!

Financial accounting is regulated by General Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) through the Securities Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), and the International Accounting Standards Board (IASB) (Kimmel & Weygandt, 2017). These organizations enforce standards that manage accuracy, behavior and ethics in financial reporting (Kimmel & Weygandt, 2017). Financial accounting is used both within an organization and externally outside of the organization (Kimmel & Weygandt, 2017). That being said, regulations are necessary to ensure the information provided to investors or other applicable external parties is accurate. Managerial accounting is not necessarily regulated but is governed by the policies and/or rules organizations establish internally (Kimmel & Weygandt, 2017). Organizations are allowed to internally determine what reporting/managerial accounting methods will be used and how it will be used. Some organizations may choose to follow GAAP to manage internal accounting, while others may determine a different alternative. In my opinion, clarity of expectations, guidelines, practices and principals is important whether managerial or financial accounting applies.