Last year, the Financial Accounting Standards Board (FASB) introduced the American business world to a new gateway to determine which entities were to be included in consolidated financial statements – FIN 46. Officially known as FASB Interpretation No. 46 (which, in turn, interprets Accounting Research Bulletin No. 51, Consolidated Financial Statements (ARB 51)), FIN 46 represents a significant change in accounting standards. Because FASB sets the rules that become generally accepted accounting principles – or GAAP – the new rule has a direct impact on every company that needs to keep its books and records, and to report, under GAAP. Because all franchisors must include their audited financial statements within the Uniform Franchise Offering Circular, this standard will impact every franchisor in the U.S., whether publicly or privately held.