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Hello class, financial accounting reports are highly regulated as it is but they are especially regulated in the income statement, balance sheet, and cash flow statement. According to Financial and managerial accounting: Whats the difference? 2023, this is because the statements produced by financial accountants are circulated both internally and externally. Income statements, balance sheets and cash-flow statements are highly regulated and uniformly generated by public companies to benefit regulators, investors and the general public. Managerial accounting reports are shared internally only and are, therefore, not subject to such rules and regulations and are not required by laws to follow any accounting standard (Financial and managerial accounting: Whats the difference?, 2023). Regulation is important for financial accounting because it ensures the safety and stability of the financial system which protects the company and its consumers. These regulations can help prevent banks from self-destructing and ensure better management for a smooth and efficient economy. Upon your research, do you think even though managerial accounting is not subject to such rules and regulations, it should still be regulated?