What accounting principles must Healthsource Chiropractic's financial statements adhere 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.
Change in Accounting Principle
Source: Item 23 — Receipts (FDD pages 77–282)
What This Means (2025 FDD)
According to Healthsource Chiropractic's 2025 Franchise Disclosure Document, the company's financial statements 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 principles 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 financial data presented by the company adheres to a standardized and widely recognized framework. GAAP ensures a level of consistency and comparability in financial reporting, which is essential for making informed business decisions. Franchisees can rely on these standards to understand the financial health and performance of Healthsource Chiropractic.
Furthermore, the FDD includes an independent auditor's report, indicating that the financial statements of Healthsource Chiropractic, LLC have been audited. The auditor's opinion states that the financial statements present fairly the financial position, results of operations, and cash flows of the company in accordance with accounting principles generally accepted in the United States of America. This provides an additional layer of assurance regarding the reliability and accuracy of the financial information provided.