What accounting principles were used in preparing the financial statement of Jeni's Splendid Ice Creams Franchise, LLC (Cream) according to the auditor's opinion?
Cream Franchise · 2025 FDDAnswer from 2025 FDD Document
dent determination that I have the capital necessary to fund the | INITIAL: | | franchised business and my living expenses, particularly during the start-up phase. | |
EXHIBIT D FINANCIAL STATEMENTS
Jeni's Splendid Ice Creams Franchise, LLC
Financial Report May 29, 2025
Jeni's Splendid Ice Creams Franchise, LLC
| Independent Auditor's Report | 1-2 |
|---|---|
| Financial Statement | |
| Balance Sheet | 3 |
| Notes to Financial Statement | 4-5 |
Suite 300 2601 Cambridge Court Auburn Hills, MI 48326 Tel: 248.375.7100 Fax: 248.375.7101 plantemoran.com
Independent Auditor's Report
To the Member Jeni's Splendid Ice Creams Franchise, LLC
Opinion
We have audited the financial statement of Jeni's Splendid Ice Creams Franchise, LLC (the "Company"), which comprises the balance sheet as of May 29, 2025, and the related notes to the financial statement.
In our opinion, the accompanying financial statement presents fairly, in all material respects, the financial position of the Company as of May 29, 2025 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). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statement section of our report.
Source: Item 23 — RECEIPTS (FDD pages 61–192)
What This Means (2025 FDD)
According to Cream's 2025 Franchise Disclosure Document, the auditor's opinion states that the financial statement of Jeni's Splendid Ice Creams Franchise, LLC was prepared in accordance with accounting principles generally accepted in the United States of America. This indicates that Cream adheres to a standardized set of guidelines and practices when reporting its financial data.
For a prospective franchisee, this is important because it provides a level of assurance that the financial information presented by Cream is reliable and comparable to other companies that follow the same accounting principles. GAAP (Generally Accepted Accounting Principles) ensures consistency and transparency in financial reporting, which aids in making informed investment decisions.
The auditor, Plante & Moran, PLLC, conducted the audit in accordance with auditing standards generally accepted in the United States of America (GAAS). This means they followed specific procedures and guidelines to ensure the financial statement is free from material misstatement. The auditor's report, dated June 9, 2025, expresses their opinion on the fair presentation of the company's financial position as of May 29, 2025.
Furthermore, management is responsible for the preparation and fair presentation of the financial statement in accordance with accounting principles generally accepted in the United States of America and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of a financial statement that is free from material misstatement, whether due to fraud or error.