What accounting principles must All Team's financial statements adhere to?
All_Team Franchise · 2025 FDDAnswer from 2025 FDD Document
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of All Team Franchise Corporation as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of All Team Franchise Corporation and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 33)
What This Means (2025 FDD)
According to All Team's 2025 Franchise Disclosure Document, the company's financial statements must adhere to accounting principles generally accepted in the United States of America. This is explicitly stated in the Independent Auditors' Report included in the FDD.
The auditors' report expresses an opinion that the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of All Team in accordance with these accounting principles. This indicates that the financial statements have been prepared using a standardized and widely recognized set of rules and guidelines.
Furthermore, the management of All Team is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America. They are also responsible for the design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. This highlights the importance of both following established accounting principles and maintaining strong internal controls to ensure the accuracy and reliability of the financial statements.