Creating Financial Reports: Finance vs Accounting

Finance versus Accounting
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Introduction
Financial accounting relates to recording financial transactions, creating financial reports and focuses on the past activities, and external users rely on financial reports to make decisions about the reporting entity. The financial records should be accurate and reflect a true and fair view of the financial situation, (Jackling, Howieson & Natoli, 2012). American companies report using the U.S. generally accepted accounting principles (GAAP), but non-American companies adopt the International Financial Reporting Standards, (IFRS) when operating in the international markets (Evans et al., 2014). Finance is associated with money management and finance managers evaluate and govern assets, investments and resources with a view of maximizing value. Accounting and finance skills are in high demand, and while the degrees are closely related employees perform different functions. This is a comparison contrast of accounting and finance professions that require financial accounting information, but accounti...