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EXCEL - IDEA: XBRL DOCUMENT - Inception Technology Group, Inc.Financial_Report.xls
10-K - FORM 10-K ANNUAL REPORT FOR 09-30-2012 - Inception Technology Group, Inc.form_10-k.htm
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EX-32 - SECTION 906 CERTIFICATIONS BY PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER - Inception Technology Group, Inc.ex_32-2.htm
EX-32 - SECTION 906 CERTIFICATIONS BY PRINCIPAL EXECUTIVE OFFICER - Inception Technology Group, Inc.ex_32-1.htm
EX-31 - RULE 13A-14(A)/15D-14(A) CERTIFICATIONS OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER - Inception Technology Group, Inc.ex_31-2.htm
EX-31 - RULE 13A-14(A)/15D-14(A) CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER - Inception Technology Group, Inc.ex_31-1.htm
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SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended
Sep. 30, 2012
SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Accounting Basis

Accounting Basis


The Company is currently a development stage enterprise reporting under the provisions of FASB ASC 915, Development Stage Entity. These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.

Earnings (Loss) per Share

Earnings (Loss) per Share


The Company adopted FASB ASC 260, Earnings per Share. Basic earnings (loss) per share is calculated by dividing the Company's net income available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share is calculated by dividing the Company's net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. There were no diluted or potentially diluted shares outstanding for all periods presented.

Dividends

Dividends


The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during the periods shown, and none are contemplated in the near future.

Financial Instruments

Financial Instruments


The Company's balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization.

Cash and Cash Equivalents

Cash and Cash Equivalents


All cash, other than held in escrow, is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Temporary cash investments with an original maturity of three months or less are considered to be cash equivalents.

Deferred Income Taxes and Valuation Allowance

Deferred Income Taxes and Valuation Allowance


The Company accounts for income taxes under FASB ASC 740 "Income Taxes." Under the asset and liability method of FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.

Advertising

Advertising


The Company will expense advertising as incurred. The advertising since inception has been $0.00.


Use of Estimates

Use of Estimates


The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Revenue and Cost Recognition

Revenue and Cost Recognition


The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts


We will maintain an allowance for doubtful accounts for estimated losses resulting from our customers not making their required payments after we start generating revenue.

Tangible and Intangible Asset Impairment

Tangible and Intangible Asset Impairment


After we have any tangible or intangible assets on our balance sheet, we will review those long-lived assets and identifiable intangibles for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Recent Accounting Pronouncements

Recent Accounting Pronouncements


Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ ("ASC") is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company's present or future financial statements.