What accounting standards were used to prepare the Crave Cookies financial statements?
Crave_Cookies Franchise · 2025 FDDAnswer from 2025 FDD Document
e, members' equity, and cash flows for the year then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Crave Cookies Franchising, LLC as of December 31, 2024 and the results of its operations and its cash flows for the year then ended 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). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Crave Cookies Franchising, LLC, and to meet our other ethical requirements relating to our audits.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 47)
What This Means (2025 FDD)
According to Crave Cookies's 2025 Franchise Disclosure Document, the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. This indicates that Crave Cookies adheres to a standardized set of guidelines and practices when creating its financial reports. These principles, often referred to as GAAP, ensure transparency and consistency in financial reporting, making it easier for potential franchisees and other stakeholders to understand and compare Crave Cookies's financial performance.
The independent auditor's reports included in the FDD also state that the audits were conducted in accordance with auditing standards generally accepted in the United States of America (GAAS). This means that the financial statements have been examined by an independent accounting firm to ensure they are presented fairly and in accordance with GAAP. The auditor's opinion provides an additional level of assurance to potential franchisees that the financial information is reliable.
For a prospective Crave Cookies franchisee, this is important because it provides a level of confidence in the accuracy and reliability of the financial information presented in the FDD. Understanding that the financial statements are prepared and audited according to established standards can help franchisees make informed decisions about investing in a Crave Cookies franchise. Franchisees may want to consult with a financial advisor to fully understand the implications of these accounting standards and the financial performance of Crave Cookies.