1.1 	A bill for an act
1.2 	relating to public finance; modifying requirements
1.3 	relating to financial statements; amending Minnesota
1.4 	Statutes 2004, section 80A.25, subdivision 3.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2004, section 80A.25,
1.7 	subdivision 3, is amended to read:
1.8 		Subd. 3.Financial statements.  The commissioner may by
1.9 	rule or order prescribe (a) the form and content of financial
1.10 	statements required under sections 80A.01 to 80A.31, (b) the
1.11 	circumstances under which consolidated financial statements
1.12 	shall be filed, and (c) whether any required financial
1.13 	statements shall be certified by independent or certified public
1.14 	accountants.  All financial statements shall be prepared in
1.15 	accordance with generally accepted accounting principles unless
1.16 	otherwise permitted by rule or order. The commissioner may not
1.17 	require, as a condition of registration, the consent of the
1.18 	independent or certified public accountants to the use of
1.19 	financial statements in the offering documents.