61G7-5.0033: Consolidated and Combined Financial Statements
PURPOSE AND EFFECT: The Board proposes a rule amendment to address the requirements for consolidated and combined financial statements.
SUMMARY: The proposed amendment requires that the Generally Accepted Accounting Principles (GAAP) Rule 61H1-22.003, F.A.C., be followed when electing to submit consolidated financial statements.
SUMMARY OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 468.522, 468.525(3)(e) FS.
LAW IMPLEMENTED: 468.525(3)(e) FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN FAW.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Richard Morrison, Executive Director, Board of Employee Leasing Companies, Department of Business and Professional Regulations, 1940 North Monroe Street, Tallahassee, Florida 32399-0767
THE FULL TEXT OF THE PROPOSED RULE IS:
61G7-5.0033 Consolidated and Combined Financial Statements
(1) An employee leasing company or an employee leasing group may submit consolidated audited or reviewed financial statements to meet the requirements of Section 468.525(3)(e), F.S., as applicable, so long as the entity exercising control over the entities that are reporting on a consolidated basis is a member of the employee leasing company group, or in the case of an ELC license, as long as the entity exercising control is a properly licensed employee leasing company and there are cross guarantees for all both entities licensed under Chapter 468, Part XI, Florida Statutes. Consolidation principles provided in Generally Accepted Accounting Principles (GAAP) Rule 61H1-22.003, F.A.C. shall be followed when electing to submit consolidated financial statements. “Control” is defined as ownership of more than fifty (50) percent of the voting stock of all reporting entities. Non-licensed entities may be included in the consolidated statements so long as the foregoing requirements are met.
Specific Authority 468.522, 468.525(3)(e) FS. Law Implemented 468.525(3)(e) FS. History–New 5-26-96, Amended 9-5-04, ________.