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Business Establishment as an Enterpreneur

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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?

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Let's briefly discuss each of your questions to get you started in the right direction.

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)? -- First of all, I would suggest that you use GAAP. Even though convergence is a major issue, it still is in the future and according to many industry professionals, is far in the future. Because GAAP is regulation as of now in the U.S., financial statements prepared under IFRS will not be SEC compliant as of yet. This is an issue if your restaurant ever becomes publicly traded. Even the banks, potential investors and other creditors will be looking for GAAP compliant financial statements. In order to do so, you would utilize accounting software or ledgers that follow GAAP regulations.

How will I incorporate changes into my books and records? -- This is based on types of changes you are referring to, in this question. Any changes ...

Solution Summary

This solution answers each of the entrepreneurial questions presented. The accounting method, internal control, assumptions, and recommendations are all comprehensively addressed.

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