Problem: I am establishing my restaurant in the United States and I need some help answering the questions below.
As an entrepreneur, how do I go about establishing/opening a restaurant reference to utilizing the Generally Accepted accounting Principles (GAAP) or International Financial Reporting Standards (IFRS)? How will I incorporate changes into my books and records? Do I need to prepare a pro forma balance sheet and income statement based on assumptions? What are the 2 internal controls that will be put into used or implemented in protecting assets and resources, in justifying assurances? What will be your overall recommendations when it comes to challenges or resistances?