Florida Regulations 61G7-5.0032: Reviewed Financial Statements
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(1) For each employee leasing company or employee leasing company group with gross Florida payroll of less than $2,500,000.00, reviewed annual financial statements must be submitted to the Board.
(2) For every fiscal year, reviewed 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 reviewed financial statement must be postmarked within 120 days of the end of the fiscal year.
(3) All reviewed financial statements must be prepared in accordance with generally accepted accounting principles (GAAP), and Standards for Accounting and Review Services (SARS).
(4) When an employee licensing company or employee leasing company group with gross Florida payroll of less than $2,500,000.00 becomes licensed during any portion of a year, reviewed 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 61G7-5.0032
- 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 reviewed financial statements must be prepared in accordance with generally accepted accounting principles (GAAP), and Standards for Accounting and Review Services (SARS).
(4) When an employee licensing company or employee leasing company group with gross Florida payroll of less than $2,500,000.00 becomes licensed during any portion of a year, reviewed 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.