Until what date were subsequent events evaluated for Aw's financial statements?
Aw Franchise · 2025 FDDAnswer from 2025 FDD Document
[Item 21: FINANCIAL STATEMENTS]
7. SUBSEQUENT EVENTS
The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or nonrecognized subsequent events that would have required further adjustment or disclosure in the financial statements. Subsequent events were evaluated though April 10, 2025, the time at which the financial statements were available to be issued.
RAYYAN PIZZA FRANCHISE LLC FINANCIAL STATEMENTS DECEMBER 31, 2023
RAYYAN PIZZA FRANCHISE LLC TABLE OF CONTENTS
[Item 21: FINANCIAL STATEMENTS]
7. SUBSEQUENT EVENTS
The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or nonrecognized subsequent events that would have required further adjustment or disclosure in the financial statements. Subsequent events were evaluated though June 6, 2024, the time at which the financial statements were available to be issued.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 39)
What This Means (2025 FDD)
According to Aw's 2025 Franchise Disclosure Document, the company evaluated subsequent events through April 10, 2025, for one set of financial statements and through June 6, 2024, for another set. This evaluation period extends from the balance sheet date (December 31, 2023 and December 31, 2024) up to the date the financial statements were available to be issued. The company states that based on their evaluation, they did not identify any subsequent events that would require adjustment or disclosure in the financial statements.
This evaluation of subsequent events is a standard accounting practice. It ensures that the financial statements reflect any significant events that occurred after the balance sheet date but before the statements are released. These events could materially impact the company's financial position or performance. For a prospective Aw franchisee, this means that the financial statements have been reviewed for any major changes or occurrences that could affect the franchise's financial health.
The auditor's report included in the FDD confirms that the financial statements present fairly the financial position of Rayyan Pizza Franchise LLC as of December 31, 2023, and 2022, and 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. This opinion is based on audits conducted in accordance with auditing standards generally accepted in the United States of America (GAAS).