Florida Regulations 61G7-5.0031: Audited Financial Statements
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(1) For each employee leasing company or employee leasing company group with gross Florida payroll of $2,500,000 or more, audited annual financial statements must be submitted to the Board.
(2) For every fiscal year, audited financial statements must be submitted to the Board within 120 days of the licensee’s fiscal year end. For purposes of this rule, “”submitted”” means that the audited financial statement must be postmarked within 120 days of the end of the fiscal year.
(3) All audited financial statements must be prepared in accordance with generally accepted accounting principles (GAAP), and generally accepted auditing standards (GAAS).
(4) When an employee licensing company or employee leasing company group with gross Florida payroll of $2,500,000.00 or more becomes licensed during any portion of a year, audited financial statements for that year must be submitted to the Board within 120 days of the licensee’s fiscal year end which covers the calendar year in which the licensee first became licensed.
(5) All members of an employee leasing company group must have the same fiscal year end. In the event that all members of such a group do not have the same fiscal year end at the time of initial licensure, such group shall have two (2) years from the date of initial licensure to comply with this rule. In addition, any member added to a group after initial licensure shall change its fiscal year end to the group’s fiscal year end within one (1) year of joining the group.
Rulemaking Authority 468.522, 468.525(3)(e) FS. Law Implemented 468.525(3)(e) FS. History-New 8-17-94, Amended 5-26-96, 9-5-04, 7-4-22.
Terms Used In Florida Regulations 61G7-5.0031
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(3) All audited financial statements must be prepared in accordance with generally accepted accounting principles (GAAP), and generally accepted auditing standards (GAAS).
(4) When an employee licensing company or employee leasing company group with gross Florida payroll of $2,500,000.00 or more becomes licensed during any portion of a year, audited financial statements for that year must be submitted to the Board within 120 days of the licensee’s fiscal year end which covers the calendar year in which the licensee first became licensed.
(5) All members of an employee leasing company group must have the same fiscal year end. In the event that all members of such a group do not have the same fiscal year end at the time of initial licensure, such group shall have two (2) years from the date of initial licensure to comply with this rule. In addition, any member added to a group after initial licensure shall change its fiscal year end to the group’s fiscal year end within one (1) year of joining the group.
Rulemaking Authority 468.522, 468.525(3)(e) FS. Law Implemented 468.525(3)(e) FS. History-New 8-17-94, Amended 5-26-96, 9-5-04, 7-4-22.