The primary difference in reporting between cost accounting and financial accounting is that cost accounting reports support internal management decision-making whereas financial accounting reports present financial statement information to external users and decision-makers who do not work for the company. cost accounting reports are subject to GAAP and/or IFRS whereas financial accounting reports are not. cost accounting reports are externally focused whereas financial accounting reports are internally focused. cost accounting reports cannot be arranged or presented in any reasonable way and cannot be modified based on manager's feedback whereas financial accounting reports can