Bill > HF1063

This bill modifies Minnesota's existing grain buyer financial reporting requirements by updating the standards and thresholds for financial statements submitted to the state commissioner. Under the new provisions, grain buyers must now have their financial statements prepared by a third-party independent or certified public accountant using national or international accounting standards, instead of generally accepted accounting principles. The bill introduces new requirements based on annual grain purchase amounts: grain buyers purchasing between $7,500,000 and $20,000,000 of grain annually must have their financial statements reviewed or audited by a certified public accountant, while those purchasing $20,000,000 or more must undergo a full audit with an opinion statement. The bill maintains an exemption for small grain buyers (those purchasing $1,000,000 or less annually) who purchase grain solely with cash, but allows the commissioner to still request financial reporting from these smaller buyers if needed. Additionally, the bill grants the commissioner authority to require additional financial statements and mandates annual review of submitted financial statements to ensure compliance. The changes aim to provide more rigorous and standardized financial reporting for grain buyers in Minnesota, enhancing transparency and financial oversight in the agricultural sector.

Agriculture and Natural Resources

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1063&ssn=0&y=2025