News

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• IGFOA News for August 5, 2022 Posted August 5, 2022 in IGFOA updates IGFOA News for August 5, 2022
• IML Legislative Update: Pension Consolidation Lawsuit Update and Illinois Family Relief Plan Takes Effect Posted July 16, 2022 in Legislative briefs Pension Consolidation Lawsuit Update On May 25, the Circuit Court of Kane County issued an order granting summary judgment (available via this link) in favor of the State of Illinois, the Illinois Firefighters’ Pension Investment Fund and the I…
• IGFOA News for July 15, 2022 Posted July 15, 2022 in IGFOA updates IGFOA News for July 15, 2022
• IGFOA News for July 1, 2022 Posted July 1, 2022 in IGFOA updates IGFOA News for July 1, 2022
• IML Legislative Update: Illinois Family Relief Plan Takes Effect, Grant Accountability and Transparency Act (GATA) Exemption and Reminder: Municipal Reporting on Contracts Posted July 1, 2022 in Legislative briefs Illinois Family Relief Plan Takes Effect SB 157 (Sen. Hastings, D-Frankfort/Rep. Zalewski, D-Riverside), now P.A. 102-0700, contains several provisions intended to provide tax relief. Provisions of this Act, also known as the Illinois Family Relief P…
• Important Update on the Pension Fund Consolidation Lawsuit Posted May 31, 2022 in Legislative briefs On Friday, May 26, 2022, the Circuit Court of Kane County issued an order of summary judgment (available via this link) in favor of the State of Illinois, the Illinois Firefighters' Pension Investment Fund and the Illinois Police Officers' Pension In…
• Whitepaper on Accounting for Coronavirus State and Local Fiscal Recovery Funds Posted May 6, 2022 in TARC updates April 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…
• Special Notice From the IGFOA Technical Accounting Review Committee (TARC): Article 3 and Article 4 Pension Funds Investment Consolidation Transfer of Assets Posted January 27, 2022 in TARC updates Prepared by IGFOA’s Technical Accounting Review Committee (TARC) January 2022 Background On December 18, 2019, Illinois Governor JB Pritzker signed into law Public Act 101-0610, which provided for the mandatory consolidation of the investment a…
• TARC responds to the GASB’s Invitation to Comment (ITC) on the Financial Reporting Model Posted March 15, 2017 in TARC updates The Technical Accounting and Review Committee (TARC) of IGFOA has drafted its response to the GASB’s Invitation to Comment (ITC) on the Financial Reporting Model, (click here). The document is available as a word document, so that IGFOA members…
• A NEW FINANCIAL REPORTING MODEL FOR GOVERNMENTAL FUNDS Posted March 1, 2017 in IGFOA updates • Your General Fund reporting could change…significantly! • What do you think about doing a cash flows statement for your entity-wide statements? • What about doing a cash flows statement for your governmental funds? What about …