Through what date has the management of Gokhale Method evaluated subsequent events?
Gokhale_Method Franchise · 2024 FDDAnswer from 2024 FDD Document
[Item 22: CONTRACTS]
NOTE 4 - SUBSEQUENT EVENTS
Subsequent events are events or transactions that occur after the balance sheet date but before the financial statements are issued or are available to be issued. The Company recognizes in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet, including estimates inherent in the process of preparing the financial statements. The Company's financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after the balance sheet date and before the financial statements are issued or are available to be issued.
Management has evaluated subsequent events through April 19, 2024, the date on which the financial statements were available to be issued.
Source: Item 22 — CONTRACTS (FDD page 34)
What This Means (2024 FDD)
According to Gokhale Method's 2024 Franchise Disclosure Document, management has evaluated subsequent events through April 19, 2024. This is the date on which the financial statements were available to be issued.
Subsequent events, as defined in the FDD, are transactions or occurrences that take place after the balance sheet date but before the financial statements are either issued or available to be issued. Gokhale Method recognizes the impact of subsequent events in its financial statements if these events provide additional evidence about conditions that existed at the balance sheet date. This includes any estimates that were part of preparing the financial statements.
However, Gokhale Method's financial statements do not reflect subsequent events that pertain to conditions that did not exist at the balance sheet date but arose after that date and before the financial statements were issued or available for issuance. This approach is consistent with standard accounting practices, ensuring that the financial statements accurately represent the company's financial condition as of the balance sheet date while also providing transparency regarding events that occurred afterward but before the statements were finalized.