  We review recent lattice results for quark masses and low-energy hadronic
parameters relevant for flavor physics. We do that by describing the FLAG
initiative, with emphasis on its scope and rating criteria. The emerging
picture is that while for light quantities a large number of computations using
different approaches exist, and this increases the overall confidence on the
final averages/estimates, in the heavy-light case the field is less advanced
and, with the exception of decay constants, only a few computations are
available. The precision reached for the light quantities is such that
electromagnetic (EM) corrections, beyond the point-like approximation, are
becoming relevant. We discuss recent computations of the spectrum based on
direct simulations of QED+QCD. We also present theoretical developments for
including EM effects in leptonic decays. We conclude describing recent results
for the $K \to \pi \pi$ transition amplitudes and prospects for tackling
hadronic decays on the lattice.
