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10-K - China Incchina10k.htm
v2.4.0.6
FAIR VALUE MEASUREMENTS
12 Months Ended
Jun. 30, 2012
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 2. FAIR VALUE MEASUREMENTS

The Company estimates the fair value of its real estate held for development for the purpose of determining the amount of impairment, if any. Fair value is defined as the amount that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Three levels of inputs that may be used to measure fair value are as follows:

Level I: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level II: Observable prices that are based on inputs not quoted on active markets but corroborated by market data.

Level III: Unobservable inputs when there is little or no market data available, thereby requiring an entity to develop its own assumptions. The fair value hierarchy gives the lowest priority to Level 3 inputs.

The Company’s has no assets or liabilities that are measured at fair value on a recurring basis as of June 30, 2012 or 2011.

 

During the year ended June 30, 2011, the Company determined that the carrying amount of real estate held for development exceeded its fair value and recognized an impairment charge of $13,935. The Company determined the fair value of the real estate held for development using the market approach by comparing the Company’s asset with comparable timely sales of similar assets. The Company had no assets presented at fair value on a non-recurring basis as of June 30, 2012. The following table presents the Company’s assets presented at fair value on a non-recurring basis as of June 30, 2012.

 

 Asset Description

 

 Fair Value as of June 30, 2011  Carrying Value as of June 30, 2011  Fair Value Hierarchy Valuation Technique Used to Estimate Fair Value  Inputs to the Valuation Model Used
         
Real Estate Held for Development  $70,000  $70,000  Level 3 – Significant Unobservable Inputs  Market Approach – Comparable Sales  Comparable Sales