TARC updates

Technical Accounting Review Committee (TARC)
May 6, 2016, TARC updates
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
April 29, 2016, TARC updates
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…
TARC Recommended Practice for Treatment of Balances in IMET Liquidating Trust
February 19, 2015, TARC updates
For information onTARC's Recommended Practice for Treatment of Balances in IMET Liquidating Trust, please review the whitepaper developed by the Technical Accounting and Review Committee (TARC).
Implementation of GASB 67
January 16, 2015, TARC updates
GASB Statement No. 67, which is effective for fiscal years beginning after June 15, 2013, applies to financial reports issued by downstate police and firefighters’ pension funds. If your downstate police and firefighters’ pension fund doe…
Telecommunications Excise Tax Reductions Reporting
July 3, 2014, TARC updates
In late June, municipalities received a notice from the Illinois Department of Revenue (IDOR) regarding a federal class action lawsuit settlement involving improperly charged telecommunications excise taxes. As a result of the settlement, IDOR must r…
GASB seeks feedback on effectiveness of Statement 34
May 19, 2014, TARC updates
IGFOA members are encouraged to complete the survey before the June 6th deadline.
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