IRTA Achievements

IRTA has brought together leading members of the global commercial and corporate barter industry from all over the world, including firms in Argentina, Australia, Canada, China, Singapore, the Ukraine, Germany, Turkey, Germany, Italy, Malaysia, Mexico, Netherlands, Russia, The Czech Republic, United Kingdom, and the U.S.

Through its efforts, IRTA has expanded opportunities for trade exchanges by lobbying for increased use of trade. IRTA successfully lobbied U.S. Congress for trade exchanges to be recognized by the IRS as third party record keepers. The TEFRA Act was signed into law by President Reagan in 1982, which gave trade exchanges in the U.S. this important status. IRTA was responsible for a U.S. Civil Aeronautics Board ruling allowing unrestricted trade of air transportation – a landmark case.

In Australia, IRTA member companies played a major role in helping the ATO to increase public awareness of the tax treatment of barter transactions. In the U.S. IRTA has been recognized by the IRS as a partner in educating small-businesses on the proper accounting and reporting of trade transactions. It has cooperated with the Better Business Bureau and Financial Accounting Standards Board on matters of mutual interest. It has assisted tax and securities authorities and State Attorney Generals in New York, Ohio, Oklahoma, Missouri, Texas and California with its expert advice on the barter industry. It lobbied successfully to defeat adverse regulatory legislation in California and Iowa.

In 2010 IRTA successfully convinced the North Carolina Bar Association to permit North Carolina attorneys to participate in organized barter exchanges in the state, Formal Ethics Opinion 4, Lawyer Participating in Barter Exchange, October 29, 2010.  The NC Bar Association had originally submitted a proposed opinion for approval that would have prohibited attorneys from joining barter exchanges.  IRTA learned of this potential adverse ruling and argued in person before the Bar Assocaition that attorneys must be allowed to participate in barter exchanges.  The NC Bar Association was persuaded by IRTA's arguments and reversed their prior position and subsequently passed a pro-barter ruling on Oct. 29, 2010 which allows NC attorneys to join organized barter exchanges, subject to several very reasonable conditions. 
 

IRTA has also enhanced the reputation of the association and its members with the development and introduction of an international certification program – Certified Trade Broker (CTB) and Registered Trade Broker (RTB) designation – which recognizes an individual's level of professionalism and barter knowledge. The association works continuously to raise the standards of trading conduct and educate members and the general public about the importance of a sustainable, reputable exchange. The Code of Ethics, established in 1979 is, to this day, a cornerstone to the purpose and standard of IRTA membership.  Other IRTA acomplishments include:

* Established Code of Ethics (Revised on September 20, 2011) and voluntary self regulation.  Secured introduction in congress of H.R. 4201, Commercial Barter Self 
   Regulation Act.

* Conducts research on legal, accounting, tax and regulatory issues and monitors IRS, SEC, FASB, FTC and EU.

* Secured $100,000 for legal fund to defend barter companies against IRS use of "John Doe" summonses in audits.

* Curbed treade exchange deficit spending through education and self regulation.

* Developed Model Contract setting forth legal powers and responsibilities of trade exchanges and their clients.

* Represented the barter industry by serving on the IRS's "Information Reporting Program Advisory Committee" (IRPAC)

* Helped protect the public from fraudulant barter operations in California.

* Re-wrote the barter portions of the www.irs.gov website that pertain to the barter industry.

* Created international IRTA Chapters worldwide.

* Created the industry's largest inter-exchange trading platform, Universal Currency Clearinghouse, Inc. (UC) in 1997.

* A 33 year-old resources library that covers virtually every topic related to the modern trade and barter industry.

* Obtained favorable ruling from the European Commissioner  recognizing the barter industry in the clearing of goods and issuance of trade credits while also affirming
   such trade credits are not a security.

* Produced worldwide press release distinguishing the differences between the Liberty Dollars Federal counterfeiting verdict in North Carolina and the organized barter
   industry and affirming that the verdict does not negatively impact the barter industry. 

* Disseminates new knowledge through regular NewsFlashes, internet communications, trainiing workshops, conventions and industry forums.

* Globally recognized as an industry spokesperson and watchdog, with reputation for impartiality and interviewed by the worldwide media on a regular basis.

IRTA's Global Board of Directors meets regularly to set strategies for the association, create innovative new programs and plan for the various conventions and conferences.   Every Fall IRTA holds an Annual International Convention in or near the U.S., as well an annual Spring European/Asian Chapter Conference in Europe or Asia.   IRTA also offers additional training and educational meetings in other regions around the world to educate and improve the professional competence of those in the Modern Trade and Barter Industry.