Final answer:
Management accounting is forward-looking and provides information for internal decision-making, focused on planning and strategic development, unlike financial accounting which is historical and standards-driven for external reporting.
Step-by-step explanation:
A key difference between management accounting and financial accounting reports is that management accounting reports tend to be forward-looking. While financial accounting focuses on historical financial information and compliance with accounting standards for external reporting purposes, management accounting is more concerned with providing information for internal decision-making and is therefore more flexible, allowing for projections and forecasts that can help in planning and strategic development. This characteristic allows management accounts to be more adaptable to the specific needs of managers and executives within an organization.