TARC Updates

Whitepaper on Accounting for Coronavirus State and Local Fiscal Recovery Funds
May 6, 2022, 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
January 27, 2022, 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…
Prepayment of Property Taxes
April 6, 2018, TARC updates
IGFOA has received inquiries from members regarding prepayments of property taxes made in response to federal tax law changes and related distributions made from the various counties. Governments should continue to follow their own policies regarding…
Public Act 100-0023 - Recommended Accounting Treatment
November 28, 2017, TARC updates
BackgroundAs part of the State Budget process, the Illinois General Assembly passed Public Act 100-0023. Public Act 100-0023 provides that, beginning in July 2017, 2% of locally imposed sales taxes collected by the state be transferred to the Tax Com…
TARC responds to the GASB’s Invitation to Comment (ITC) on the Financial Reporting Model
March 15, 2017, 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)
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…
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…
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