The bill amends Minnesota Statutes 2024, section 223.17, subdivision 6, to modify the financial reporting requirements for grain buyers. It mandates that grain buyers submit annual financial statements prepared by a third-party independent accountant or certified public accountant, adhering to national or international accounting standards. The bill specifies that the financial statements must include a balance sheet, a statement of income, a statement of retained earnings, a statement of cash flow, and the dollar amount of grain purchased in the previous fiscal year. Additionally, it introduces new requirements for grain buyers based on their annual grain purchases, including audits for those purchasing $20,000,000 or more.

The bill also includes provisions that allow the commissioner to require additional financial reporting from grain buyers who qualify for certain exemptions, as well as the right to review submitted financial statements annually to ensure compliance. It removes previous requirements for certifications and compilations by management firms and adjusts the thresholds for financial statement reviews and audits. The changes aim to enhance transparency and accountability in the financial practices of grain buyers while ensuring that the commissioner has the necessary oversight capabilities. The effective date of the new provisions is set for the day following final enactment.

Statutes affected:
Introduction: 223.17