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Does managerial accounting follow GAAP?
No, managerial accounting does not have to follow GAAP. Managerial accounting is an internal process of accounting for a business.
Managerial accounting does not require GAAP to be followed because it is an internal collection of accounting information. It is not bound to financial accounting principles. An organization can and may use the system, but it is at the discretion of the company.
Managerial accounting reports are typically used to make useful decisions on a daily basis. It is considered a short-term view of the finances for immediate use. Often managerial accounting information is based on estimates which help to determine, for example, if a company should keep a task in-house or outsource it.
Unlike financial accounting, managerial accounting is not held to any rules or guidelines. Therefore, a company can create or follow a general style that benefits its purpose. Managerial accounting has much more freedom than financial accounting processes.
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