By using the$$General American Accounting Principles $($GAAP$)$generally accepted accounting principles $($GAAP$)$International Financial Reporting Standards $($IFRS$)$Internal Fiscal Reporting Standards $($IFRS$)$ when preparing financial statements, users are able to compare the information between companies in similar industries. Financial statements consist of cash on hand, an income statement, a statement of owner's equity, and a balance sheeta statement of owner's equity, financial projections, a balance sheet, and a statement of cash flowsfinancial projections, an income statement, a balance sheet, and a statement of cash flowsan income statement, a statement of owner's equity, a balance sheet, and a statement of cash flows.