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.

COMMITTEE INFORMATION

Meeting Reports

April 22 , 2008 meeting report

 

October 11th Meeting Recap

1.  The committee discussed the Exposure Draft for Accounting and Financial Reporting for Derivative Instruments.  The comment deadline was October 26, 2007.  The general feeling of the committee was that the footnote will produce more work and provide little benefit to financial statement users. It was the consensus of the committee that there was nothing specific on which to submit a comment.

• Visit GASB's Project Page:  Derivatives

2.  TARC is working on putting together an Internal Controls workshop.  Karen Afseth and Kay Nees from Virchow Krause offered to head up the workshop.  The workshop also nees a public sector panelist/presenter.

3.  White Paper on Revenue Recognition:  The committee is considering formulating a on recognizing revenues under GASB 33.  The committee discussed how an Illinois specific paper would be a valuable resource to Illinois local government finance professionals.

4.  The committee discussed the Auditing Standards webinar that will be held on November 2, 2007.  The webinar is the first of two webinars planned b TARC.  The committee is planning on producing a web update on GASB for early January.  Learn more about the November 2 webinar here.

Upcoming Meetings

• 2008 Scheduled - TBD

        

If you feel strongly about any of the issues TARC is currently examining or would like to present a new issue, please Contact the Committee Chair

         

---

DUPAGE WATER COMMISSION REFUND

TARC Recommendation for Water Commission Refund Recording

---

GASB INFORMATION

TARC FAQ Sheets:

• GASB 40 FAQs
• GASB 43 & 45 FAQs

   

IGFOA Response to Recent GASB Exposure Drafts:

Fund Balance Reporting and Governmental Fund Type Definition

• Read the IGFOA Response - June 16, 2008 (pdf)
• Read the IGFOA Response - January 23, 2007 (pdf)
• Visit GASB's Project Page

Service Efforts and Accomplishments Reporting

• Response to ED on concepts related to SEA reporting - June 16, 2008 (pdf)
• Visit GASB's Project Page

TARC comments on the Financial Accounting Foundation’s Proposed Changes to Oversight, Structure, and Operations of the FAF, FASB and GASB (pdf)

Endowment Funds—Accounting and Reporting for Land and Other Real Property Held as Investments

• Read IGFOA Response - June 19, 2007 (pdf)
• Visit GASB's Project Page

     

Pension Disclosure:  GASB 25 & 27 Amendment

• Read the IGFOA Response - February 28, 2007 (pdf)
• Visit GASB's Project Page

              

Find more GASB resources by searching the IGFOA Resource Center.

Search under "Accounting--GASB Standards"

GASB Links:

• What's New at the GASB Website
• Summary and Status of GASB Statements and Interpretations
• GASB 45 OPEB Fact Sheet
• GASB Exposure Document

SAS 112 RESOURCES

• Understanding SAS 112 from AICPA
• Impact of SAS 112 on Governmental Financial Audits Conference Call
• SAS 112 Internal Controls Readiness (pdf)
• SAS 112 Information Brochure (pdf)

         

---

     

AUDITOR RELATIONSHIP

With the collapse of Enron and the federal indictments of numerous CEOs, the public and the media have taken an increased interest in the relationship between organizations and their auditors.  Congress took action by passing the Sarbanes-Oxley Act, which attempts to ensure greater auditor independence and oversight.  While the act only applies to the private sector, the public sector needs to take notice of the important auditor relationship issues.  The IGFOA, through the TARC committee, has been examining issues of auditor selection, rotation, and independence in an attempt to provide members with valuable resources.

Guide to Selecting an Auditor 

• Download the Guide
• Download a sample RFP.  Editable sample RFPs available to members in the IGFOA Technical Accounting Exchange - Login

Auditor Relationship Survey Results

IGFOA surveyed Finance Directors and City Managers regarding Auditor Rotation issues.  View the results of the Auditor Relationship Survey:

• View Answers from Finance Directors

• View Answers from City Managers

               

---

                  

TECHNICAL ACCOUNTING REVIEW COMMITTEE COMMENTS ON:

• Recognition of Pension and Other Post employment Benefit Expenditures/Expense and Liabilities Comments on GASB Project Number 25-14 proposed technical bulletin November 2004

• External restrictions to net assets:  Comments on GASB Project Number 3-16, issued August 2004

• OPEB:  Comments on GASB Revised exposure draft – Accounting and Financial Reporting by Employers for Post employment Benefits Other Than Pensions (OPEB) March 22, 2004

• Capital Asset Impairment:  Comments on GASB EXPOSURE DRAFT NO. 213-B “ACCOUNTING AND FINANCIAL REPORTING FOR IMPAIRMENT OF CAPITAL ASSETS AND FOR INSURANCE RECOVERIES” February 21, 2003

• Risk Disclosure: COMMENTS ON EXPOSURE DRAFT NO. 207-A “DEPOSIT AND INVESTMENT RISK DISCLOSURES, AN AMENDMENT OF GASB STATEMENT NO. 3” September 25, 2002

• Property Tax Revenue Recognition in Governmental Funds: Response to Exposure Draft (ED) August 25, 1997

• IRC Section 457 Deferred Compensation Plans: Response to Exposure Draft (ED) on Accounting and Financial Reporting August 7, 1997

• Basic Financial Statements for State and Local Governments: Response to Exposure Draft (ED) May 7, 1997

• Capitalization Contributions to Public Entity Risk Pools: An Interpretation of GASB Statements No. 10 and 14.  Response to Exposure Draft (ED) Accounting and Financial Reporting for November 28, 1995

• Core Financial Statements: Response to Preliminary View (PV) on Governmental Financial Reporting Model October 27, 1995

• Governmental Financial Reporting Model: Response to Invitation to Comment (ITC) August 10, 1995