TARC Updates

• Whitepaper on Accounting for Coronavirus State and Local Fiscal Recovery Funds Posted May 6, 2022 in TARC updates April 2022 This whitepaper was written to provide guidance on GAAP reporting for annual financial statements. It is not intended to provide guidance on the ARPA federal reporting requirements or the Schedule of Expenditures of Federal Awards reportin…
• Special Notice From the IGFOA Technical Accounting Review Committee (TARC): Article 3 and Article 4 Pension Funds Investment Consolidation Transfer of Assets Posted January 27, 2022 in TARC updates Prepared by IGFOA’s Technical Accounting Review Committee (TARC) January 2022 Background On December 18, 2019, Illinois Governor JB Prtizker signed into law Public Act 101-0610, which provided for the mandatory consolidation of the investment a…
• TARC responds to the GASB’s Invitation to Comment (ITC) on the Financial Reporting Model Posted March 15, 2017 in TARC updates The Technical Accounting and Review Committee (TARC) of IGFOA has drafted its response to the GASB’s Invitation to Comment (ITC) on the Financial Reporting Model, (click here). The document is available as a word document, so that IGFOA members…
• Technical Accounting Review Committee (TARC) Posted May 6, 2016 in 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 Posted April 29, 2016 in 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…