What accounting principles were used in the preparation of Chicago's Original Italian Beef Franchising LLC (Buona) financial statements according to the auditor's opinion?
Buona Franchise · 2025 FDDAnswer from 2025 FDD Document
TORS' REPORT
To the Members Chicago's Original Italian Beef Franchising LLC Berwyn, Illinois 60402
Opinion
We have audited the accompanying financial statements of Chicago's Original Italian Beef Franchising LLC (the Company), which comprise the balance sheet as of December 31, 2023 and January 1, 2023, and the related statements of operations, changes in members' equity (deficit), and cash flows for the fiscal years ended December 31, 2023 and January 1, 2023, 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 Chicago's Original Italian Beef Franchising LLC as of December 31, 2023 and January 1, 2023, and the results of its operations and its cash flows for the fiscal years then ended in accordance with accounting principles generally accepted in the Unit
Source: Item 22 — CONTRACTS (FDD page 78)
What This Means (2025 FDD)
According to Buona's 2025 Franchise Disclosure Document, the financial statements of Chicago's Original Italian Beef Franchising LLC are prepared in accordance with accounting principles generally accepted in the United States of America. This indicates that Buona adheres to a standardized set of guidelines and practices when reporting its financial data.
Specifically, the auditor's opinion states that the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of Buona in accordance with these accepted accounting principles. This opinion provides assurance that the financial statements are reliable and transparent.
Furthermore, management is responsible for preparing and fairly presenting these financial statements, including the design, implementation, and maintenance of internal controls to prevent material misstatements. This highlights the importance of accurate and reliable financial reporting within the Buona franchise system.