According to the FDD, who are the financial statements of Burros Fries intended for?
Burros_Fries Franchise · 2024 FDDAnswer from 2024 FDD Document
The accompanying financial statements of Burros &Fries Franchise Inc as of and for the period ended October 31, 2024, were not subjected to an audit, review, or compilation engagement by us and we do not express an opinion, a conclusion, nor provide any assurance on them.
Management has elected to omit ALL of the disclosures ordinarily included in financial statements prepared in accordance with the income tax basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the company's assets, liabilities, equity, revenue, and expenses. Accordingly, the financial statements are not designed for those who are not informed about such matters.
The accompanying financial statements are intended For Management Use Only.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 53)
What This Means (2024 FDD)
According to the 2024 Burros Fries Franchise Disclosure Document, the financial statements as of October 31, 2024, were not subjected to an audit, review, or compilation engagement. Therefore, One Plus Tax and Accounting Inc. does not express an opinion, a conclusion, nor provide any assurance on them.
Management has elected to omit all of the disclosures ordinarily included in financial statements prepared in accordance with the income tax basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the company's assets, liabilities, equity, revenue, and expenses.
Accordingly, these financial statements are specifically intended "For Management Use Only," meaning they are designed for individuals already well-informed about such financial matters within Burros Fries. This contrasts with audited financial statements, which are prepared for a general audience and provide an independent opinion on the fairness of the presentation.