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EXCEL - IDEA: XBRL DOCUMENT - SILVER STREAM MINING CORP.Financial_Report.xls
10-K - ANNUAL REPORT FOR FISCAL PERIOD ENDED AUGUST 31, 2012 - SILVER STREAM MINING CORP.wsindustries10k2012.htm
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EX-31.1 - CEO AND CFO SOX 302 CERTIFICATE - SILVER STREAM MINING CORP.exhibit311.htm
EX-32.1 - CEO AND CFO SOX 906 CERTIFICATE - SILVER STREAM MINING CORP.exhibit321.htm
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Significant Accounting Polices (Policies)
12 Months Ended
Aug. 31, 2012
Significant Accounting Polices (Policies)  
Development Stage

Development Stage

 

The Company is a development stage company as defined in the Financial Accounting Standards Board (“FASB”) ASC 915-10 as it is devoting substantially all of its efforts to establish a new business and planned principal operations have not commenced.  All losses accumulated since inception have been considered as part of the Company’s development stage activities.

Foreign Currency Translation

Foreign Currency Translation

 

The functional currency for the Company’s operations is the US dollar. Monetary assets and liabilities denominated in Canadian dollars are translated into U.S. dollars at the exchange rate prevailing at the end of the year. Non-monetary assets and liabilities are translated at the exchange rate prevailing at the respective transaction dates while revenues and expenses are translated at the average exchange rate during the year. Exchange gains and losses are recognized in the statement of operations.

Equipment and Depreciation

Equipment and Depreciation

 

The Company records office equipment and computer equipment at cost and provides for depreciation at a rate of 30% per annum for computer equipment both using the declining balance method.  Additions during the year are amortized at one-half rates.   

Impairment of Long-lived Assets

Impairment of Long-lived Assets

 

In accordance with Financial Accounting Standards Board (“FASB”) ASC 360, “Accounting for the Impairment or Disposal of Long-Lived Assets”, the carrying values of long-lived assets are reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment.  The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset.  Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.

Income Taxes

Income Taxes

 

The Company uses the asset and liability method of accounting for income taxes pursuant to ASC 740 “Accounting for Income Taxes”.  Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary 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.

 

The Company has adopted the provisions of ASC 740 which prescribes a recognition threshold and measurement attribute for tax positions taken or expected to be taken in a tax return.

Basic and Diluted Loss per Share

Basic and Diluted Loss per Share

 

The Company reports basic loss per share in accordance with ASC 260-10, “Earnings per Share”.  Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements.  Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period.  Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net loss position at the calculation date.  At August 31, 2012 and 2011, the Company had no outstanding common stock equivalents.

Comprehensive Loss

Comprehensive Loss

 

The Company has adopted ASC 220-10 “Reporting Comprehensive Income”.  Comprehensive loss is comprised of net loss and foreign currency translation adjustments.

Research and Marketing Costs

Research and Marketing Costs

 

Research and marketing costs are expensed as incurred.

Financial Instruments

Financial Instruments

 

ASC 820-10, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements.  Fair value is defined under ASC 820-10 as the exchange price that would be received for an asset or paid to transfer a liability (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. Valuation techniques used to measure fair value under ASC 820-10 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following:

 

Level 1-

quoted prices (unadjusted) in active markets for identical assets or liabilities;

 

Level 2 -

observable inputs other than Level I, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and

 

Level 3 -

assets and liabilities whose significant value drivers are unobservable by little or no market

 

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

 

Please refer to the table below for the fair values of our financial instruments.

 

Fair Value of Financial Instruments:

 

 

August 31, 2012

August 31, 2011

 

Assets

Carrying Amount

Fair Value

Carrying Amount

Fair Value

Fair Value Levels

Cash

-

-

7,088

7,008

1

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Bank indebtedness

43

43

-

-

1

Convertible promissory notes payable

535,965

535,964

521,119

521,119

2

Loans and advances

123,589

123,589

70,000

70,000

2

 

 

The Company’s long-term debt is based on Level 2 inputs in the ASC 820 fair value hierarchy. Based on the borrowing rates currently available to the Company for loans with similar term. As the convertible promissory notes payable and loans and advances are due on demand or past their maturity, their fair values would approximate their carrying amounts.

 

Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the periods ended August 31, 2012 and 2011.

Accounting Standards Not Yet Effective

Accounting Standards Not Yet Effective

 

In June 2011, the FASB issued Accounting Standards Update 2011-05, “Presentation of Comprehensive Income (Topic 220)”.  The objective of this Update is to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income.  To increase the prominence of items reported in other comprehensive income and to facilitate convergence of U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS), the FASB decided to eliminate the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity, among other amendments in this Update.  The amendments require that all non-owner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements.  In the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income.  The amendments in this Update should be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011.  The Company is currently evaluating the impact of this update on the financial statements.

 

In December 2011, the FASB issued Accounting Standards Update 2011-12, “Comprehensive Income (Topic 220)”. The amendments in this Update supersede certain pending paragraphs in Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income, to effectively defer only those changes in Update 2011—5 that relate to the presentation of reclassification adjustments out of accumulated other comprehensive income. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company is currently evaluating the impact of this update on the consolidated financial statements.