Are the financial statements in the Aunt Millies Bakeries FDD presented in US dollars?
Aunt_Millies_Bakeries Franchise · 2025 FDDAnswer from 2025 FDD Document
INDEPENDENT AUDITOR'S REPORT
Board of Directors Perfection Bakeries, Inc. Fort Wayne, Indiana
Opinion
We have audited the consolidated financial statements of Perfection Bakeries, Inc., which comprise the consolidated balance sheets as of September 30, 2024 and 2023, and the related consolidated statements of income, comprehensive income, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Perfection Bakeries, Inc. as of September 30, 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.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 43)
What This Means (2025 FDD)
According to the 2025 Aunt Millie's Bakeries Franchise Disclosure Document, the financial statements are presented in accordance with accounting principles generally accepted in the United States of America. The independent auditor's report states that they have audited the consolidated financial statements of Perfection Bakeries, Inc., which include the consolidated balance sheets as of September 30, 2024 and 2023, and the related consolidated statements of income, comprehensive income, and cash flows for the years then ended.
The auditor's opinion confirms that the financial statements present fairly the financial position of Perfection Bakeries, Inc. as of September 30, 2024 and 2023, and the results of its operations and its cash flows for the years then ended. This indicates that the financial statements are prepared using accounting standards and practices common in the United States.
While the auditor's report confirms adherence to US accounting principles, it does not explicitly state that the currency used is US dollars. However, it is a reasonable assumption that financial statements prepared in accordance with U.S. GAAP for a U.S.-based company would be presented in U.S. dollars. To confirm this, a prospective franchisee should review the actual financial statements included in the FDD or ask the franchisor directly.