Which of the following is not a difference between financial accounting and managerial accounting?

Financial accounting is primarily concerned with reporting the past, while managerial accounting is more concerned with the future.

Managerial accounting uses more nonmonetary information than is used in financial accounting.

Managerial accounting is primarily concerned with providing information for external users while financial accounting is concerned with internal users.

Financial accounting must follow GAAP while managerial accounting is not required to follow GAAP.