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EXCEL - IDEA: XBRL DOCUMENT - CHINA MEDIA INC.Financial_Report.xls
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10-K - FORM 10-K - CHINA MEDIA INC.chndform10kjune302012v8.htm
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v2.4.0.6
Note 2. Summary of Significant Accounting Policies: Use of Estimates (Policies)
12 Months Ended
Jun. 30, 2012
Use of Estimates:  
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes, including estimates of ultimate revenues and ultimate costs of film and television product, estimates of product sales that will be returned and the amount of receivables that ultimately will be collected, the potential outcome of future tax consequences of events that have been recognized in the Company’s financial statements and loss contingencies. Actual results could differ from those estimates. To the extent that there are material differences between these estimates and actual results, the Company’s financial condition or results of operations will be affected. Estimates are based on past experience and other assumptions that management believes are reasonable under the circumstances, and management evaluates these estimates on an ongoing basis.