Hello! I need some help responding to this post. I am taking an accounting class and we have to respond to things that people post. I need some help responding to the post below. Any help you can give me would be greatly appreciated!

The Financial Accounting Standards Board establishes reporting standards for all organizations to be able to meet. FASB standards, known collectively as nongovernmental Generally Accepted Accounting Principles or GAAP, are essential to the efficient functioning of the U.S. economy. Investors, creditors, donors, and other users of financial reports require credible, transparent, comparable, and unbiased financial information. (Siegel, 2020) This is very useful and allows investors to understand the financial situation of the particular company they want to invest in and it avoids organizations adding false information. If I was an investor I would rely on these statements to make my determination whether it is a good or bad organization.

The financial statements are the ones that are regulated. Financial statements are compiled using GAAP for the benefit of investors and regulators. These financial statements are the balance sheet, income statement, and statement of cash flows. (Carlson, 2020).

Managerial accounting is very important for all internal stakeholders of the organization, however they are not regulated because this is only used internally.