Are the City Publications financial statements prepared in accordance with US GAAP?
City_Publications Franchise · 2025 FDDAnswer from 2025 FDD Document
| 3 | |
|---|---|
| Report | |
| Balance Sheets | 5 |
| Statements | 6 |
| of Operations | |
| Statements | 7 |
| of Changes in Shareholders' | |
| (Deficit) | |
| Statements | 8 |
| of Cash Flows | |
| Notes to Financial Statements | 9 |
Independent Auditor's Report
To the Members CITY PUBLICATIONS FRANCHISE GROUP, INC. Atlanta, Geogia
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying balance sheets of CITY PUBLICATIONS FRANCHISE GROUP, INC. as of December 31, 2024, and 2023 and the related statements of operations, shareholders' (deficit), and cash flows for the years ended December 31, 2024, and 2023, and the notes to financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of CITY PUBLICATIONS FRANCHISE GROUP, INC. as of December 31, 2024, and 2023, and the results of their operations and their cash flows for the years ended December 31, 2024, and 2023, in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS).
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 38)
What This Means (2025 FDD)
According to City Publications's 2025 Franchise Disclosure Document, the financial statements of City Publications Franchise Group, Inc. are prepared in accordance with accounting principles generally accepted in the United States of America. This is confirmed by the Independent Auditor's Report included in the FDD.
The auditor's opinion states that the financial statements present fairly the financial position of City Publications as of December 31, 2024, and 2023, and the results of their operations and their cash flows for the years then ended, in accordance with U.S. GAAP. The report also mentions that management is responsible for preparing the financial statements in accordance with accounting principles generally accepted in the United States of America.
Furthermore, Note 1 to the financial statements indicates that the preparation of City Publications's financial statements adheres to United States generally accepted accounting principles. This note also highlights that management makes estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
This adherence to GAAP provides a level of standardization and comparability, which is important for prospective franchisees when evaluating the financial health and performance of City Publications. It ensures that the financial information is presented in a consistent and transparent manner, allowing for a more informed investment decision.