Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded/ summarized/ and presented in a financial reports as an income statement or a balance sheet prepared in accordance with IFRS.
Companies issue financial statements on a routine schedule annually. The statements are considered as external because they are given to stakeholders also people outside of the company, with the primary recipients being owners/stockholders, as well as certain lenders. If a corporation stock is publicly traded/ however its financial statements tend to be widely circulated and information will likely reach secondary recipients such as competitors / customers / employees / labor organizations and investment analysts.
It's very important to point out that the purpose of financial accounting is not to report the value of a company. Rather its purpose is to provide enough information for others to assess the value of a company for themselves.