MN SF1552

Amends financial reporting standards for licensed grain buyers to allow compliance with national or international accounting standards, replacing the previous requirement for "generally accepted accounting principles"

Creates tiered audit requirements based on annual grain purchases: buyers purchasing $7,500,000 or more must have audited or reviewed statements; buyers purchasing $17,500,000 or more must have fully audited statements with CPA opinion

Eliminates the separate review requirement for grain buyers purchasing under $7,500,000 annually

Simplifies the cash-only buyer exemption by referencing statutory definition rather than listing specific payment types (certified checks, cashier's checks, money orders), maintaining the $1,000,000 annual purchase threshold

Grants the commissioner new authority to require additional financial statements or audited reports from any grain buyer and mandates annual review of submitted financial statements