Are the Baya Bar financial statements presented on a comparative basis?
Baya_Bar Franchise · 2024 FDDAnswer from 2024 FDD Document
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 21 — FINANCIAL STATEMENTS (FDD pages 55–56)
What This Means (2024 FDD)
According to the 2024 Baya Bar Franchise Disclosure Document, the company's financial statements are presented on a comparative basis. The Independent Auditor's Report indicates that the balance sheets of Baya Bar Franchise System, LLC, have been audited as of December 31, 2023, and 2022.
Furthermore, the related statements of operations, members' equity, and cash flows have been audited for the years ended December 31, 2023, 2022, and 2021. This means that the financial data for these key statements is presented side-by-side for multiple years, allowing for an easier comparison of Baya Bar's financial performance over time.
For a prospective franchisee, this comparative presentation is beneficial because it provides a clearer picture of the franchisor's financial trends, growth, and stability. Reviewing multiple years of data can help in assessing the franchisor's performance and identifying any potential risks or opportunities. This is a standard practice in financial reporting, as it enhances transparency and allows stakeholders to make more informed decisions.