I'm trying to understand the relation between the finance perspective and the accounting perspective.
Financial data often fall into 2 categories – accounting data and financial data. For example, I believe live market data (“financial data”) is largely irrelevant to accountants when updating the accounting records.
Accounting calc is strictly by the rule, a bit mechanical; finance calc is flexible and subject to interpretation.
When we hear of accounting, we think of the external (and internal) accounting firms, and financial reporting (yes accountant's job). I feel financial reporting has legal implications. Investors and regulators demand accurate calc. Therefore accounting rules are like laws. Breaking these rules is like breaking the law, falsifying and cheating tax authority and regulators, retail investors, institutional investors.
In my mind, “Finance” as a profession and discipline is about … valuation of corporate and other securities ultimately for transactions. For eg, an investment is a transaction — buying a security.
Finance is at a somewhat higher level than accounting?