Difference between Financial Accounting & Management Accounting

The main distinctions between the two are the following:
Objective: the main objective of financial accounting is to provide the business information about finance and communication to its stakeholders such as management, creditors, investors etc.
However, the objective of managerial accounting is to provide information to the internal management for policy creation and decision making.
Nature: financial accounting represents historical activities that show the results of the business.
Meanwhile, management accounting aims at future and uses the historical data for making an estimate about future.
Accounting Principles: financial statements have to be prepared according to some fixed guidelines known as accounting standards.
However, there is no such compulsion for management accounting as the management has the full discretion to make its own decision and create a different framework all together.
Period: financial statements are prepared after a regular interval to show the results of the business. The profit & loss statements are prepared to find out the profit of the business.
Meanwhile, there is no fixed period for management accounting. The information is used time to time during the whole year.