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EX-32.1 - SECTION 906 CERTIFICATION - Your Event, Inc.ex321sec906.htm
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v2.4.0.6
Summary of Significant Accounting Practices
12 Months Ended
Aug. 31, 2012
Notes to Financial Statements  
Summary of Significant Accounting Practices

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

 

Basis of Accounting

The financial statements present the balance sheet, statements of operations, stockholders' equity (deficit) and cash flows of the Company. These financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States.

 

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.

 

Acquisition Costs

Costs incurred to acquire new businesses, new product lines or similar assets are expensed when incurred.

 

Property

As of August 31, 2012 and 2011, office space was provided by various current and former stockholders of the Company and the Company did not own or rent any property during these years.

 

Earnings per Share

Historical net loss per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share include additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in the earnings of the entity, but these potential common stock equivalents were determined to be antidilutive.

 

Calculation of net loss per share is as follows:

  Year ended August 31,
  2012   2011
Net loss $         (486,339)   $            (80,944)
Weighted average common shares 11,000,000   11,000,000
Basic loss per share $               (0.04)   $                (0.01)  

 

Dividends

The Company has not yet adopted any policy regarding payment of dividends. No dividends have been paid during the years ended August 31, 2012 and 2011.

 

Income Taxes

The provision for income taxes is the total of the current taxes payable and the net of the change in the deferred income taxes. Provision is made for the deferred income taxes where differences exist between the period in which transactions affect current taxable income and the period in which they enter into the determination of net income in the financial statements.

 

Year-end

The Company has selected August 31 as its year-end.

 

Advertising

Advertising is expensed when incurred. No advertising expenses were incurred during the years ended August 31, 2012 and 2011.

 

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.

 

Reclassification

Certain amounts included in the prior financial statements have been reclassified to conform to the current presentation.  The reclassifications have no effect on total assets, total liabilities, stockholders’ equity (deficit), or net loss as previously reported.