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• Important Update on the Pension Fund Consolidation Lawsuit Posted May 31, 2022 in Legislative briefs On Friday, May 26, 2022, the Circuit Court of Kane County issued an order of summary judgment (available via this link) in favor of the State of Illinois, the Illinois Firefighters' Pension Investment Fund and the Illinois Police Officers' Pension In…
• 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 Pritzker 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…
• A NEW FINANCIAL REPORTING MODEL FOR GOVERNMENTAL FUNDS Posted March 1, 2017 in IGFOA updates • Your General Fund reporting could change…significantly! • What do you think about doing a cash flows statement for your entity-wide statements? • What about doing a cash flows statement for your governmental funds? What about …
• Tips to assure you receive information emailed from IGFOA Posted October 18, 2016 in IGFOA updates List IGFOA as a Trusted SenderInput the following e-mail addresses in your e-mail contact list, address book, trusted sender list or approved sender list: info@igfoa.org execdir@igfoa.org Whitelist websites and email service providers used by the IGF…
• 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…
• White Paper on GASB Statement 61, The Financial Reporting Entity: Omnibus Posted January 31, 2014 in TARC updates GASB Statement 61, The Financial Reporting Entity: OmnibusIGFOA – Technical Accounting Review Committee (TARC) White PaperJanuary 2014 General Overview of the StatementsMost state and local governments in Illinois are required to have an annual…