Has Baya Bar adopted all recently issued Accounting Standards Updates (ASU)?
Baya_Bar Franchise · 2024 FDDAnswer from 2024 FDD Document
et | 5 | | Statement | 6 | | of Operations | | | and Member's Equity | | | Statement of Cash Flows | 7 | | Notes to Financial Statements | 8 |
Independent Auditor's Report
To the Members Baya Bar Franchise System, LLC Staten Island, New York
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying balance sheets of Baya Bar Franchise System, LLC as of December 31, 2023, and 2022 and the related statements of operations, members' equity and cash flows for the years ended December 31, 2023, 2022, and 2021, 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 Baya Bar Franchise System, LLC as of December 31, 2023, and 2022, and the results of their operations and their cash flows for the years ended December 31, 2023, 2022, and 2021, in accordance with accounting principles generally accepted in the United States of America.
Source: Item 23 — RECEIPTS (FDD pages 56–189)
What This Means (2024 FDD)
Based on the 2024 Franchise Disclosure Document, the auditor's report for Baya Bar states that the financial statements of Baya Bar Franchise System, LLC as of December 31, 2023, and 2022, and the related statements of operations, members' equity, and cash flows for the years ended December 31, 2023, 2022, and 2021, are presented fairly in accordance with accounting principles generally accepted in the United States of America.
Furthermore, the management of Baya Bar 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. This indicates that Baya Bar's financial reporting adheres to US GAAP standards.
However, the excerpt does not explicitly state whether Baya Bar has adopted all recently issued Accounting Standards Updates (ASU). While adherence to US GAAP implies consideration of relevant accounting standards, it does not confirm that all recent updates have been implemented. A prospective franchisee should seek clarification from Baya Bar regarding their specific policies on adopting new ASUs and the impact of any recent updates on their financial statements.