For the Crave Franchising, LLC financial statements, what accounting principles were used in the opinion provided by the independent auditors?
Crave Franchise · 2025 FDDAnswer from 2025 FDD Document
December 31, 2024, 2023, and 2022, and the related statement of operations and member's equity and cash flows for the year ended December 31, 2024, 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 the Company as of December 31, 2024, 2023, and 2022, and the results of its operations and its cash flows for the year ended December 31, 2024, in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS).
Source: Item 23 — RECEIPTS (FDD pages 63–253)
What This Means (2025 FDD)
According to Crave's 2025 Franchise Disclosure Document, the independent auditors' opinion states that the financial statements of Crave Franchising, LLC were prepared in accordance with accounting principles generally accepted in the United States of America. This indicates that Crave adheres to a standardized set of guidelines and practices when reporting its financial information.
For a prospective franchisee, this is important because it provides a level of assurance that Crave's financial statements are prepared using recognized and consistent methods. This allows for easier comparison of Crave's financial performance with other companies and provides a basis for evaluating the financial health of the company.
The auditors also state that management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America. The auditors are responsible for expressing an opinion on whether the financial statements present fairly, in all material respects, the financial position of Crave.