Bill > SF1552

This bill modifies financial reporting requirements for grain buyers in Minnesota by updating the standards and thresholds for financial statement submissions to the state commissioner. The bill expands the types of financial statement preparation, allowing them to be prepared, reviewed, or audited by a third-party independent or certified public accountant using national or international accounting standards instead of just generally accepted accounting principles. It introduces new requirements based on the annual volume of grain purchased: grain buyers purchasing less than $1,000,000 annually are exempt from filing financial statements, those purchasing between $7,500,000 and $17,500,000 annually must have their statements reviewed by a certified public accountant, and those purchasing $17,500,000 or more must have a full audit with an opinion statement. The bill also gives the commissioner the right to request additional financial reporting from exempt grain buyers if needed and requires an annual review of submitted financial statements. The changes aim to provide more flexibility in financial reporting while maintaining oversight of grain buyers' financial conditions. The bill will take effect the day following its final enactment.

Agriculture and Natural Resources

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1552&ssn=0&y=2025