What accounting principles do Healthsource Chiropractic's accounting policies conform to?
Healthsource_Chiropractic Franchise · 2025 FDDAnswer from 2025 FDD Document
This summary of significant accounting polices of HealthSource Chiropractic, LLC, formerly Healthsource Chiropractic, Inc. (the Company), is presented to assist in understanding the Company's financial statements. The financial statements and notes are the representation of the company's management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements.
Basis of Presentation and Method of Accounting
The financial presentation follows Generally Accepted Accounting Priniciples (GAAP) widely utilized and accepted in the United States of America as contained in the Accounting Standards Codifications (ASC) issued by the Financial Accounting Standards Board.
Source: Item 23 — Receipts (FDD pages 77–282)
What This Means (2025 FDD)
According to Healthsource Chiropractic's 2025 Franchise Disclosure Document, their accounting policies conform to generally accepted accounting principles. Specifically, the financial presentation follows Generally Accepted Accounting Principles (GAAP) widely utilized and accepted in the United States of America. These GAAP standards are contained in the Accounting Standards Codifications (ASC) issued by the Financial Accounting Standards Board.
For a prospective Healthsource Chiropractic franchisee, this means that the company's financial statements are prepared using a standardized and widely recognized set of accounting rules. This is important because it allows for easier comparison of Healthsource Chiropractic's financial performance with other companies, both within and outside the franchise industry. It also provides a level of assurance that the financial information is presented fairly and consistently.
Furthermore, the FDD includes an independent auditor's report, which states that the financial statements of Healthsource Chiropractic, LLC present fairly, in all material respects, the financial position of the company as of December 31, 2024, 2023, and 2022, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. This opinion from an independent auditor adds credibility to the financial statements and provides further assurance to potential franchisees.