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.

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COMMITTEE INFORMATION

TARC delivers two sessions at the

IGFOA Conference

Monday, Sept. 8th

Fund Balance Reporting Requirements

and

Retirement Benefits and OPEB

Career Development Committee presents

Basic Governmental Accounting

November 14

watch for details

GASB INFORMATION

SAS 112 RESOURCES

AUDITOR RELATIONSHIP


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.

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:

   

IGFOA Response to Recent GASB Exposure Drafts:

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

              

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:

               


                  

TECHNICAL ACCOUNTING REVIEW COMMITTEE COMMENTS ON: