Which accounting standards are the consolidated financial statements of Sunoco LP, which impacts Aplus, prepared in accordance with?

According to Aplus's 2024 Franchise Disclosure Document, the consolidated financial statements of Sunoco LP for the years ended December 31, 2023, 2022 and 2021, have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and pursuant to the rules and regulations of the SEC. This means that Sunoco LP, the parent company of Sunoco Retail LLC, which is the franchisor of Aplus, adheres to standard accounting practices and regulatory requirements when reporting its financial performance.

For a prospective Aplus franchisee, this indicates that the financial information provided by Sunoco LP is prepared using a consistent and recognized framework. This allows for easier comparison of Sunoco LP's financial statements with those of other companies and provides a level of assurance regarding the accuracy and reliability of the reported financial data. Franchisees can review these statements to gain insights into the financial health and stability of Sunoco LP, which ultimately supports the Aplus franchise system.

Furthermore, the FDD mentions that Sunoco LP's financial statements are also subject to the rules and regulations of the SEC. This implies an additional layer of scrutiny and oversight, as the SEC requires publicly traded companies to adhere to strict reporting standards. This can provide further confidence to potential franchisees regarding the transparency and integrity of the financial information presented. The report also mentions that Sunoco LP's internal control over financial reporting as of December 31, 2023, was audited in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB").