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 INFORMATION
RESOURCES & TRAINING

COMMITTEE INFORMATION

Career Development Committee

Government Finance Ethics Workshop

May 7, 2010

GASB INFORMATION

Downstate Chapter

SINGLE AUDIT/ARRA FUNDING AND GASB UPDATE SEMINAR

May 4, 2010 Edwardsville

July 15, 2010 Moline

SAS 112 RESOURCES

TARC Hot Topics at IGFOA Annual Conference
Intermediate session on Intangible Assets (Statement No. 51)
Advanced session on Financial Reporting Missed Areas

AUDITOR RELATIONSHIP

IGFOA & WGFOA JOINT CONFERENCE

May 13 & 14, 2010

GASB 54 Implementation on Day 2

TARC TALKS - for IGFOA Members only
TARC members moderate a bulletin board to field members’ questions and share information about local government accounting and financial reporting. GASB 54 implementation and other questions welcome!
Log-in today to post your queries


COMMITTEE INFORMATION

              

Upcoming Meetings

  • May 27, 2010 - 10:00 AM NIU Naperville - AGENDA
  • August 12, 2010 - 10:00 AM City of Rolling Meadows
  • November 12, 2010 - 10:00 AM Location TBD

Meeting Reports

February 25, 2010 meeting report

2009 Committee Report

July 17, 2009 meeting report

April 17, 2009 meeting report

October 17, 2008 meeting report

Technical Accounting Review Committee Report of Activity October 2007-July 2008

April 22 , 2008 meeting report

October 11, 2007 Meeting Recap

           

        

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

         


  GASB INFORMATION

          

TARC FAQ Sheets:

   

IGFOA Response to GASB Exposure Drafts:

Pension Accounting and Financial Reporting

Hierarchy of Generally Accepted Accounting Principles for State and Local Governments

Codification of Accounting and Financial Reporting Guidance

Fund Balance Reporting and Governmental Fund Type Definition

Service Efforts and Accomplishments Reporting

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

     

Pension Disclosure:  GASB 25 & 27 Amendment

TARC's RESPONSES TO PRIOR FINANCIAL REPORTING ISSUES - TARC responses from 1995 - 2004

              

Find more GASB resources by searching the IGFOA Resource Center.

Search under "Accounting--GASB Standards"

    

GASB Links:

 

SAS 112 RESOURCES

        

         


   

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 

Auditor Relationship Survey Results

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

               


DUPAGE WATER COMMISSION REFUND

TARC Recommendation for Water Commission Refund Recording


                  

TECHNICAL ACCOUNTING REVIEW COMMITTEE COMMENTS ON:


October 11, 2007 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.

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 needs 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


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