On what basis of accounting does All Team maintain its books?
All_Team Franchise · 2025 FDDAnswer from 2025 FDD Document
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Stockholder of All Team Franchise Corporation
Opinion
We have audited the accompanying financial statements of All Team Franchise Corporation (a Florida corporation) which comprise the balance sheets as of December 31, 2024 and 2023, and the related statements of operations, changes in stockholders' equity, and cash flows for the years then ended, and the related notes to the financial statements.
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.
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 are prepared in accordance with accounting principles generally accepted in the United States of America. This is stated in the Independent Auditors' Report, which expresses an opinion on whether All Team's financial statements present fairly the company's financial position, results of operations, and cash flows in accordance with these principles.
Specifically, the report indicates that management is responsible for the preparation and fair presentation of the financial statements according to generally accepted accounting principles (GAAP). The auditors also evaluate the appropriateness of the accounting policies used by All Team. This means All Team adheres to a standardized set of guidelines and practices when recording and reporting its financial data.
Furthermore, Note 2 in the financial statements provides a summary of significant accounting policies. This includes how All Team handles items such as concentrations of credit risk, intangible assets, and fixed assets. For example, fixed assets are carried at cost and depreciated over their estimated useful lives using the straight-line method. This level of detail provides transparency into All Team's accounting practices, which is essential for potential franchisees to understand the financial health and reporting of the company.