S.D. Admin. R. 20:10:11:14
Each applicant for a public grain warehouse license shall submit financial statements for the most recently completed year of operation. The statements shall be prepared by a certified public accountant, independent public accountant, a grain commission or management firm, or other individual skilled in the preparation of financial statements in accordance with generally accepted accounting principles or international financial reporting standards. The financial statements may not be prepared by the applicant or an employee of the applicant, and if the applicant is a partnership or corporation, by an officer, shareholder, partner, or an employee of the partnership or corporation. The commission may require the applicant to submit a second set of financial statements prepared by a certified public accountant at the compilation, review, or audit level if the commission determines that the first financial statements submitted are incomplete or otherwise unsatisfactory.
The financial statements must include a balance sheet and statement of profit and loss. If the applicant's accountant has prepared a statement of retained earnings, a statement of cash flows, a statement of changes in financial position, and notes and disclosures to the financial statements, those items must also be submitted.
If the valuation of any assets are listed at fair market value, those valuations shall be established or confirmed by a person experienced in making assessments of the fair market value of fixed assets. The valuations must be accompanied by a statement signed by the person who establishes or confirms the values stating that such person:
S.D. Admin. R. 20:10:11:14
General Authority: SDCL 49-43-4.1(2).
Law Implemented: SDCL 49-43-4.1(2), 49-43-4.2, 49-43-4.3.