Professional accounting qualifications include the Chartered Accountant designations and other qualifications including certificates and diplomas.  In the United Kingdom , chartered accountants of the ICAEW undergo annual training, and are bound by the ICAEW's code of ethics and subject to its disciplinary procedures.  In the United States , the requirements for joining the AICPA as a Certified Public Accountant are set by the Board of Accountancy of each state , and members agree to abide by the AICPA's Code of Professional Conduct and Bylaws. In India the Apex Accounting body constituted by parliament of India is " Institute of Chartered Accountants of India " (ICAI) was known for its rigorous training and study methodology for granting the Qualification. 
The key difference between financial and managerial accounting is that financial accounting aims at providing information to parties outside the organization, whereas managerial accounting information is aimed at helping managers within the organization make decisions. Financial statement preparation using accounting principles is most relevant to regulatory organizations and financial institutions. Because there are numerous accounting rules that do not translate well into business operation management, different accounting rules and procedures are utilized by internal management for internal business analysis.