Over the last 50 years the financial reporting systems have dramatically changed and will continue to change as the financial world faces changes such as globalization, changing regulations and the increased use of technology. The accounting profession must be ready to not only face these changes but to also adapt to them, providing relevant and reliable information to the many internal and external users of financial and managerial accounting reports.

It is important to understand the difference between managerial and financial accounting reports.

You are the chief executive officer of a multinational corporation that operates wholly owned subsidiaries in several countries. One of the company's manufacturing plants is located in Europe. As CEO, respond to the following questions in

• What types of internal and external accounting reports will you use in the process of making decisions?
• How will the reports differ for a multi-national corporation?