Management Accounts
Definition
Monthly or quarterly financial statements prepared for internal management and board reporting, typically including an income statement, a cash flow summary, a balance sheet, and a variance analysis against plan. Management accounts are distinct from statutory financial statements: they are prepared more frequently and for operational purposes rather than for external legal compliance. Under the FFI Standard, management accounts at Growth Stage must be prepared within fifteen business days of the period end.
Common Misapplication
The most common misapplication is producing management accounts on a cash basis rather than an accrual basis. Management accounts that record revenue only when cash is received do not reflect the company's economic performance in the period and are not suitable as the primary board reporting document.
FFI Standard Reference
This term is defined and applied in Book 1, Section 1.3: The Financial Reporting Standard.
Related Terms
Citable URL
This term may be cited using the following permanent URL.
Full citation format: Founder Financial Infrastructure Standard, Beta v0.5, Glossary: Management Accounts. https://ffistandard.org/glossary/management-accounts/. 2026.