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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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12 Months Ended |
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Mar. 31, 2013
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| Accounting Policies [Abstract] | |
| Significant Accounting Policies [Text Block] |
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a)
Statement
of Compliance
The
financial statements of the Company have been prepared in
accordance with accounting principles generally accepted in
the United States of America.
b)
Cash
Cash
consists of cash on deposit with a high quality major
financial institution.
c)
Use
of Estimates and Assumptions
The
preparation of financial statements in conformity with United
States generally accepted accounting principles requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could
differ from those estimates.
d)
Financial
Instruments
The
carrying values of the Company’s financial instruments,
consisting of cash, accounts payable and accrued liabilities,
and amounts due to administrative services company and
related party, approximate their fair value. The
Company’s operations are outside the United States and
some of its assets and liabilities have exposure to market
risks from changes in foreign currency rates. The
Company’s financial risk is the risk that arises from
fluctuations in foreign exchange rates and the degree of
volatility of these rates. Currently, the Company does not
use derivative instruments to reduce its exposure to foreign
currency risk.
e)
Income
Taxes
The
Company uses the asset and liability method of accounting for
income taxes in accordance with ASC 740, “Income
Taxes”. This standard requires the use of an
asset and liability approach for financial accounting and
reporting on income taxes. If it is more likely
than not that some portion or all of a deferred tax asset
will not be realized, a valuation allowance is
recognized.
f)
Foreign
Currency Translation
The
Company’s reporting and functional currency is the U.S.
dollar. Non-U.S. dollar transactions are
translated at the exchange rate prevailing at the time of the
transaction. Non-U.S. dollar monetary assets and
liabilities are translated at period-end exchange rates and
exchange gains and losses are reflected in operations.
g)
Basic
and Diluted Net Loss per Share
The
Company reports loss per share in accordance with ASC 260,
“Earnings per Share”. Basic loss per
share is computed using the weighted average number of shares
of common stock outstanding during the period. Diluted loss
per share is computed using the weighted average number of
shares of common stock and potentially dilutive securities
outstanding during the period (none for the periods
presented). The Company has no stock option plan
and has not issued any warrants or other potentially dilutive
securities.
h)
Deferred
Offering Costs
Deferred
offering costs represent legal fees incurred in connection
with the preparation of a Form S-1 registration statement
relating to a planned public offering of shares of our common
stock. If the offering is successful, the costs
will be charged to additional paid-in capital. The
offering was unsuccessful; therefore the amount was expensed
in the year ended March 31, 2013.
i) Recently
Issued Accounting Pronouncements
Certain
accounting pronouncements have been issued by the Financial
Accounting Standards Board (FASB) and other standard setting
organizations which are not yet effective and have not yet
been adopted by the Company. The impact on the
Company's financial position and results of operations from
adoption of these standards is not expected to be
material.
j) Comparative
Figures
Certain
comparative figures have been reclassified to conform to the
financial statement presentation adopted for the year ended
March 31, 2013.
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