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EXCEL - IDEA: XBRL DOCUMENT - Source Gold Corp.Financial_Report.xls
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EX-32.1 - CERTIFICATION - Source Gold Corp.srgl_ex321.htm
EX-10.5 - PROMISSORY NOTE - Source Gold Corp.srgl_ex105.htm
EX-10.6 - STOCK PURCHASE AGREEMENT - Source Gold Corp.srgl_ex106.htm
EX-31.1 - CERTIFICATION - Source Gold Corp.srgl_ex311.htm
EX-31.2 - CERTIFICATION - Source Gold Corp.srgl_ex312.htm
v2.4.0.6
Financial Instruments
12 Months Ended
Jul. 31, 2012
Notes  
Financial Instruments

Note 4 Financial Instruments

 

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability.

 

The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.

 

The fair value hierarchy for valuation inputs prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.  Each fair value measurement is reported in one of three levels; the level is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

 

Level 1 - inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

 

Level 2 - inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3 - inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

 

The carrying value of the Company’s financial assets and liabilities which consist of cash, and accounts payable and accrued liabilities, in management’s opinion approximate their fair value due to the short maturity of such instruments.  These financial assets and liabilities are valued using level 3 inputs, except for cash which is at level 1Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, exchange or credit risks arising from these financial instruments.