It would be nice to think that corporate Financial Accounting, of it self, could provide "accounting" support for the projects that fall under their wing. Indeed, many project managers expect them to and do rely on Financial Accounting statements. Unfortunately, the kind of data kept in corporate Financial Accounting records is not the kind of data that is required by the project manager, nor is it usually sufficiently timely. Interestingly, certain types of data that corporate Financial Accounting needs to have is not available from the typical Project Cost Accounting system either.
These points are illustrated in the following Email exchange.