What is the difference between Financial accounting standards and Cost accounting standards

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Accepted Answer

Financial accounting standards focus on external reporting for stakeholders, while cost accounting standards focus on internal decision-making and cost control.

Financial accounting standards are used for external reporting to stakeholders, such as investors, creditors, and regulators.
Cost accounting standards are used for internal decision-making, cost control, and performance evaluation.
Financial accounting standards follow Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).
Cost accounting standards focus on determining the cost of products, services, and activities within an organization.
Examples of financial accounting standards include GAAP, IFRS, and SEC regulations.
Examples of cost accounting standards include activity-based costing, standard costing, and job costing.

What is the difference between Financial accounting standards and Cost accounting standards

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