What is the name of the organization that created the rule that requires financial statements for Cream?

According to the 2025 FDD, the financial statement of Jeni's Splendid Ice Creams Franchise, LLC has been prepared on the basis of generally accepted accounting principles (GAAP). The FDD states that the preparation of a financial statement in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statement, and actual results could differ from those estimates.

GAAP are standardized guidelines for accounting and financial reporting. These principles ensure that financial statements are transparent, consistent, and comparable across different companies and industries. This standardization is crucial for investors, creditors, and other stakeholders who rely on financial statements to make informed decisions.

For a Cream franchisee, this means that their financial reporting must adhere to GAAP standards, influencing how they record revenue, expenses, assets, and liabilities. While the Cream franchise dictates the specific bookkeeping software and chart of accounts franchisees must use, the underlying accounting principles are governed by GAAP. Franchisees should ensure they understand these principles or seek professional accounting advice to maintain accurate and compliant financial records.