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EXCEL - IDEA: XBRL DOCUMENT - Aurum, Inc.Financial_Report.xls
10-K - AURUM, INC. 10-K - Aurum, Inc.a50542700.htm
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v2.4.0.6
ACCOUNTING POLICIES (Policies)
12 Months Ended
Oct. 31, 2012
Basis of Presentation
(a)  
Basis of presentation and 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 on contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
 
The functional and reporting currency of the Company is the US dollar.
Principles of Consolidation
(b)  
Principles of Consolidation
 
The consolidated financial statements include the assets and liabilities of the Company and the entities it controlled at the end of the financial period and the results of the Company and the entities it controlled during the year. Where entities are not controlled throughout the entire financial year, the consolidated results include the results of those entities for that part of the period during which control exists. The effect of all transactions between entities in the group and the inter-entity balances are eliminated in full in preparing the consolidated financial statements. The Company has only one controlled entity.
Cash Equivalents
(c)  
Cash Equivalents
 
Aurum considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents.  For the periods presented there were no cash equivalents.
Federal Income Tax
(d)  
Federal Income Tax
 
The Company accounts for income taxes pursuant to ASC Topic 740, "Accounting for Income Taxes", which requires an asset and liability approach to calculating deferred income taxes.  The asset and liability approach requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. For the period presented, there was no taxable income. There are no deferred income taxes resulting from temporary differences in reporting certain income and expense items for income tax and financial accounting purposes. Aurum at this time is not aware of any net operating losses which are expected to be realised.
Australian Tax Law
(e)  
Australian Tax Law
 
The Company is an Australian resident corporation under Australian law and accordingly is subject to Australian income tax on its non-exempt worldwide assessable income (which includes capital gains), less allowable deductions, at the rate of 30%. Foreign tax credits are allowed where tax has been paid on foreign source income, provided the tax credit does not exceed 30% of the foreign source income.
 
Under the U.S. Australia tax treaty, a U.S. resident corporation such as Aurum is subject to Australian income tax on net profits attributable to the carrying on of a business in Australia through a “permanent establishment” in Australia. A “permanent establishment” is a fixed place of business through which the business of an enterprise is carried on. The treaty limits the Australian tax on interest and royalties paid by an Australian business to a U.S. resident to 10% of the gross interest or royalty income unless it relates to a permanent establishment. Although we consider that we do not have a permanent establishment in Australia, the Company may be deemed to have such an establishment due to the location of its administrative offices in Melbourne. In addition we may receive interest or dividends from time to time.
Loss per share
(f)  
Loss per Share
 
The Company calculates loss per share in accordance with ASC Topic 260, “Earnings per Share”.
 
Basic income (loss) per share is computed by dividing net profit (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per share has not been presented as all the common stock equivalents are anti-dilutive (see Note 12).
Fair value of Financial Instruments
(g)  
Fair value of Financial Instruments
 
FASB ASC Topic 825, “Financial Instruments”, requires the Company to disclose, when reasonably attainable, the fair market values of its assets and liabilities which are deemed to be financial instruments.
Property and Equipment
(h)  
Property and Equipment
 
Property and equipment are recorded at cost. Depreciation is provided for using the straight-line method over the estimated useful life of the assets:
 
 
Depreciable Life
(in years)
 
Office equipment
1-2
 
Computer equipment
1-3
 
Furniture
1-2
 
Comparative Figures
(i)  
Comparative Figures
 
Where necessary, comparative figures have been restated to be consistent with current year presentation.
Mineral Property Acquisition, Exploration Costs and Amortization of Mineral Rights
(j)  
Mineral Property Acquisition, Exploration Costs and Amortization of Mineral Rights
 
Mineral property acquisition, exploration and development costs are expensed as incurred until such time as economic reserves are quantified.  To date, the Company has not established any proven or  probable  reserves on its mineral properties. When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves, further exploration costs and development costs incurred after such determination will be capitalized. The establishment of proven and probable reserves is based on results of final feasibility studies which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be transferred to the appropriate asset category and amortized over their estimated useful lives. Capitalized costs, net of salvage values, relating to a deposit which is abandoned or considered uneconomic for the foreseeable future, will be written off.