Minnesota HF1063 modifies financial reporting requirements for grain buyers.

Minnesota HF1063 amends financial reporting requirements for grain buyers. Grain buyers must submit annual financial statements prepared by a third-party independent accountant or certified public accountant. The statements must include a balance sheet, income statement, and statement of changes in financial position. Grain buyers purchasing under $7.5 million of grain annually must have their statements reviewed by a certified public accountant. Those purchasing $7.5 million or more must have their statements audited.

Minnesota HF1063 modifies financial reporting requirements for grain buyers.

Minnesota HF1063 amends financial reporting requirements for grain buyers. Grain buyers must submit annual financial statements prepared by a third-party independent accountant or certified public accountant. The statements must include a balance sheet, income statement, and statement of changes in financial position. Grain buyers purchasing under $7.5 million of grain annually must have their statements reviewed by a certified public accountant. Those purchasing $7.5 million or more must have their statements audited.