below is 2 student posts, from Needa and shui wang plese reply to them and make a post to the below topic. Discussion 5: In financial accounting much of what one learns is governed by various rules and principles. The Financial Accounting Standards Board is the organization that sets all of the accounting rules and principles. These are called Generally Accepted Accounting Principles (GAAP). In your discussion answer the following questions.Do such standards exist with managerial accounting information?Please do some research and see what standards there are for managerial accountingIf there are standards, what are they?If not, do you think there should be? Why or why not?Needa Qamar in response to this TopicIt is highly encouraged to follow GAAP for managerial accounting and man y companies may follow it, but it is not necessary as it is for financial accounting. The Standards for managerial accounting are very broad and it’s a personal choice what is done and in which way. I don’t think there has to be staves because every company or business is different and new ideas should be encouraged and no standards is the best way to explore them.Shui Wang in response to this Topic2/15/2017 10:46 PM EST | 270 words CollapseUnreadFinancial accounting analysis is mostly doing preparation for external use, such as shareholders and creditors. On the other hand, management accounting mostly does analysis report to supervisor to use in the enterprise or the organization. Beacuse their primary using direction is different, lead to the much significant difference between financial accounting and managerial accounting, even if the financial accounting and management accounting to use the same basic financial data analysis report. Financial accounting for external users must analysis report according to GAAP and is consistent with them. External users should be able to get some guarantee at the same time, is to prepare to report according to the general principles of accounting must be in conformity with the common local practices. These common local practices can improve data comparability and can help the user to reduce fraud and false statements, but they are not necessarily the most useful in the process of internal make the necessary conditions for the type of report. For example, GAAP requires land in the financial report should be in the front row at its historical cost. However, if a store manager is considering moving to a new location and then sell the store current located land, managers want to know the current market price of the property, and the relevant information is neglected in GAAP. Management accounting no boundaries in the generally accepted accounting principles. Management to determine the basic principles of content and form in their internal financial report. The only restriction conditions are expected to profit from using the information should be more than the cost of collection, analysis, and summarize the data.