Fla. Admin. Code Ann. R. 61G7-5.0033 - Consolidated and Combined Financial Statements
(1) All reviewed or audited financial
statements submitted to the Department by Florida licensed employee leasing
companies shall be presented in accordance with accounting principles generally
accepted in the United States of America (Formerly referred to as (GAAP)), as
required by Section 468.525(3)(d),
F.S.
(2) An employee leasing
company or an employee leasing company group that is a subsidiary or a member
of another entity that may otherwise be included in the consolidated financial
statements of a parent or a controlling entity, may submit individual reviewed
or audited financial statements to satisfy the filing requirements of Section
468.525(3)(e),
F.S.
(3) An employee leasing
company or an employee leasing company group may be included in the
consolidated financial statements of a licensed or non-licensed parent or
controlling entity to meet the requirements of Section
468.525(3)(e),
F.S., as applicable, so long as there are Board-approved cross guarantees
between the parent or controlling entity and all Florida-licensed employee
leasing companies included in such statements.
(4) A Florida-licensed employee leasing
company, employee leasing company group, employee leasing company groups, or
any combination thereof, may submit combined audited or reviewed financial
statements to meet the requirements of Section
468.525(3)(e),
F.S. as applicable, so long as the combined financial statements are prepared
in accordance with GAAP, as referenced above, there is accounting net worth and
positive working capital demonstrated in the combined financial statements, and
there are Board-approved cross-guarantees among all entities covered in the
combined financial statements. Non-Florida licensed employee leasing companies
and other entities may be included in the combined financial statements as long
they are under common control and their operations are integral to the
operations of the Florida-licensed employee leasing company, companies, group
or groups, or are integral to the operations of a Non-Florida employee leasing
company, companies, group, or groups. Other entities may not be included in
combined financial statements. The notes to the combined financial statements
must describe the ownership or management control relationships, and the nature
and scope of the operations of each entity included in the combined financial
statements, to clearly demonstrate that the operations of all included entities
are integral to the operations of employee leasing business.
(5) Cross guarantees must be submitted,
either at the time of initial application for licensure on a form prescribed by
the Department in Rule
61-35.013, F.A.C., or as part of
any consolidated or combined financial statement submissions by using Board
Form DBPR EL-4518, Board Approved Cross Guarantee Form, incorporated by Rule
61G7-10.002,
F.A.C.
Notes
Rulemaking Authority 468.522 FS. Law Implemented 468.525(2)(c), (3)(e), 468.526 FS.
New 5-26-96, Amended 9-5-04, 11-9-06, 8-1-11, 2-8-16, 2-28-18, 7-4-22.
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