Accounting standards aim to set high-quality rules for accounting procedures, while financial accounting intends to provide top-notch financial details for external users like investors and regulators to assess a company's performance and make decisions. These two systems focus on different objectives — one on creating rules, the other on reporting financial information. The purpose of accounting standards is to regulate the creation of rules, while financial accounting aims to offer clear financial data to outside parties for decision-making and evaluation. In essence, while accounting standards focus on setting guidelines, financial accounting targets providing information to external users for decision-making.