Consolidated and Combined Financial Statements

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Board of Employee Leasing Companies

RULE NO.: RULE TITLE:

61G7-5.0033: Consolidated and Combined Financial Statements

NOTICE OF CHANGE

Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 41 No. 88, May 6, 2015 issue of the Florida Administrative Register.

The change is in response to written comments submitted by the staff of the Joint Administrative Procedures Committee.  The changes are as follows:

(1) shall now read: All reviewed or audited financial statements submitted to the Department by Florida licensed employee leasing companies shall be presented in accordance with Generally Accepted Accounting Principles (GAAP), as required by s. 468.525(3)(d), F.S. defined by Rule 61H1-20.007, F.A.C.

(5) shall now read: Cross guarantees must be submitted, either at the time of initial application for licensure or as part of any consolidated or combined financial statement submissions, using Form EL-4518, entitled “Board Approved Cross Guarantee Form,” which is incorporated by reference herein, effective November 18, April 2015, and available at http://www.flrules.org/gateway/reference.asp?No=Ref-  or at http://www.myfloridalicense.com/dbpr/pro/emplo/documents/el-4518_enterable.pdf.

468.525(2)(c), FS. and 468.526, FS. will be added as Law Implemented.

The following changes have been made to incorporated form DBPR EL 4518, eff. 11/18/15:

The notary blocks have been removed and have been replaced with witness signatures for each entity in the cross guarantee.

The form instructions page uses the phrase “consolidated or combined financial statements” instead of “combined financial statements.”

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Richard Morrison, Executive Director, Board of Employee Leasing Companies, 1940 North Monroe Street, Tallahassee, Florida 32399-0783.