Technical Accounting Review Committee (TARC) UpdatePosted June 7, 2024 in TARC updatesGASB Issues Statement to Improve Key Components of Governmental Financial Reports The Governmental Accounting Standards Board (GASB) has issued guidance designed to improve key components of the financial reporting model—the blueprint for gover…
Whitepaper on Accounting for Coronavirus State and Local Fiscal Recovery FundsPosted May 6, 2022 in TARC updatesApril 2022 This whitepaper was written to provide guidance on GAAP reporting for annual financial statements. It is not intended to provide guidance on the ARPA federal reporting requirements or the Schedule of Expenditures of Federal Awards reportin…
Technical Accounting Review Committee (TARC)Posted May 6, 2016 in TARC updatesMonitors and comments on activities and rulings of the Governmental Accounting Standards Board (GASB). The committee provides testimony on GASB standards and educates the IGFOA membership on those standards.
TARC Recommends Accounting Treatment for PPRT Revenue MisallocationPosted April 29, 2016 in TARC updatesBackground In late April, local governments received a notice from the Illinois Department of Revenue (IDOR) that a misallocation of Personal Property Replacement Taxes (PPRT) had resulted in an overpayment of an estimated $168 million to local gover…
White Paper on GASB Statement 61, The Financial Reporting Entity: OmnibusPosted January 31, 2014 in TARC updatesGASB Statement 61, The Financial Reporting Entity: OmnibusIGFOA – Technical Accounting Review Committee (TARC) White PaperJanuary 2014 General Overview of the StatementsMost state and local governments in Illinois are required to have an annual…
