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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
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
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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:
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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TARC TALKS - for IGFOA Members only