Technical Accounting Review Committee (TARC) Update
GASB 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……
IGFOA Technical Accounting Review Committee (TARC) Whitepaper: Foreign Fire Program Amendment
Background In May 2022, the Illinois General Assembly passed Public Act 102-0740 (full text accessible at https://www.ilga.gov/legislation/publicActs/fulltext.asp?Name=102-0740&GA=102) which amended the Foreign Fire program, including municipal i……
Illinois Police and Fire Pension Consolidation Update Investment Disclosures Post-Asset Transfer and Updates on the Actuarial Process
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 assets of the State’s public safety pension funds into two consolidated investm……
Whitepaper on Accounting for Coronavirus State and Local Fiscal Recovery Funds
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
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
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……
Technical Accounting Review Committee (TARC)
Monitors 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 Misallocation
Background 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: Omnibus
GASB 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……