What accounting principles were used in the preparation of the Gokhale Method Institute, Inc.'s financial statements, according to the opinion?
Gokhale_Method Franchise · 2024 FDDAnswer from 2024 FDD Document
ial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Gokhale Method Institute, Inc. as of December 31, 2023, 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 audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Gokhale Method Institute, Inc. and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
Source: Item 22 — CONTRACTS (FDD page 34)
What This Means (2024 FDD)
According to the 2024 Gokhale Method Franchise Disclosure Document, the financial statements of Gokhale Method Institute, Inc. are prepared in accordance with accounting principles generally accepted in the United States of America. This indicates that the company adheres to a standardized set of guidelines and practices recognized and accepted by the accounting profession in the U.S.
Specifically, the independent auditor's report included in the FDD states that the financial statements present fairly the financial position, results of operations, and cash flows of Gokhale Method Institute, Inc. as of December 31, 2023, and for the year then ended, in accordance with these accounting principles. A similar statement is made for the financial statements as of December 31, 2022. This opinion from the independent auditor provides assurance that the financial statements are reliable and fairly represent the company's financial performance and position.
Furthermore, the summary of significant accounting policies included in the notes to the financial statements also states that these policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. This consistency in application is important for comparability of financial statements across different periods. Management also uses estimates and assumptions in preparing these financial statements in accordance with accounting principles generally accepted in the United States of America.