What standards must the annual statements and balance sheets of a Fly Fitness franchise adhere to?

Based on the 2024 Franchise Disclosure Document, the specific standards for the annual statements and balance sheets of a Fly Fitness franchise are not detailed within the provided excerpts.

While the FDD includes financial statements as part of Exhibit D, it does not specify the accounting principles, required schedules, or any specific audit requirements that a franchisee must follow when preparing their financial documents. The FDD also mentions that if Fly Fitness establishes a cooperative, franchisees agree to contribute amounts that Fly Fitness requires.

A prospective Fly Fitness franchisee should directly ask the franchisor for detailed information regarding the required accounting standards, the frequency and format of financial reporting, and whether audited or reviewed financial statements are necessary. Understanding these requirements is crucial for managing the financial aspects of the franchise and ensuring compliance with Fly Fitness's standards.