What is the difference between Financial Reports and Management Reports?

FR: You are bound by Law to Furnish keeping in view the international accounting standard for the shareholders and Taxation Body.

MR: You are advised by the management to be prepare for as a whole or a particular area/cost center for a certain period to evaluate that end.

FR: Financial reporting are being prepared for internal & external usage as per  international accounting standards such as Profit & Loss a/c, Balance sheet, AR, AP and Cash flow statement.

MR: Management reporting are being prepared only for internal usage of management to know day to day position of the company.

While financial reports are meant for both internal and external users , the management report is mainly for internal use.