In November 2008- the SEC released itsSolutionThe Commission is propos.docx

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In November 2008, the SEC released its Solution The Commission is proposing this Roadmap to set forth milestones which, if achieved, could lead to the eventual use of IFRS by all U.S. issuers. Through this Roadmap, the Commission is seeking to realize the objective of providing investors with financial information from U.S. issuers under a set of high-quality globally accepted accounting standards, which would enable U.S. investors to better compare financial information of U.S. issuers and competing international investment opportunities. This Roadmap is further intended to encourage market participants to consider the effect of IFRS in our capital markets and to prepare for the use of IFRS financial statements by U.S. issuers in their filings with the Commission. The IASC Foundation has financed IASB operations largely through voluntary contributions from a wide range of market participants from across the world .

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In November 2014, the 3% certificates of deposit matured; the face amount of $1,000,000 plus interest of $15,000 was collected. The interest is considered revenue of the Street Improvement Fund. Required: Record this transaction in both the Street Improvement Fund and governmental activities journals. List of Accounts Cash, Investments, Taxes Receivable-Sales, Interest Receivable on Investments, Vouchers Payable, Judgements Payable, Contracts Payable, Contracts Payable- Retained Percentage, Fund Balance- Restricted, Encumbrances Outstanding, Revenues, Other Financing Sources-Proceeds of Bonds, Construction Expenditure, Interest Expenditure, Other Financing Uses-Interfund Transfers Out, Encumbrances Solution the interest is tax deductable and total $15,000 is treats as income to the investor. journals: cash a/c 15,000 to interest received account 15000 .

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