The process of combining accounting data into a standardised set of financials is part of the process of creating financial statements. Management, lenders, creditors, and investors get the finished financial statements and use them to assess a company's performance, liquidity, and cash flows.

Following are the components of financial statements:

• Statement of Retained Earnings
• Income Statement
• Cash flow statement
• Statement of Retained Earnings
• Notes to the Financial Statements are all included