Types of accounting

Financial accounting is "a major branch of accounting involving the collection, recording and extraction of financial information, and the summary of it in the form of a periodic profit and loss account, a balance sheet and a cash flow statement in accordance with legal, professional, and capital market requirements".[11]
Management accounting is another branch of accounting performed within an organization to provide information only accessible to its decision-makers.
Open-book accounting is an accounting principle that aims to improve accounting transparency of organizations.
Tax accounting is the accounting needed to comply with jurisdictional tax regulations.
Accounting scholarship is the academic discipline which studies the theory of accountancy.
The related, but separate financial audit comprises internal audit and external audit. External audit—carried out by independent auditors—examines the financial statements and accounting records in order to express an opinion as to the truth and fairness and adherence to Generally Accepted Accounting Principles (GAAP). Commonly used GAAP include the US Financial Accounting Standards Board (FASB), which issues FASB Pronouncements including Statements of Accounting Standards, and the International Accounting Standards Board (IASB), which issues International Financial Reporting Standards (IFRS). Many other countries have instituted local standards resulting in a local country GAAP. Internal audit aims at providing information for management usage, and is typically carried out by employees.