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v2.4.0.8
FAIR VALUE MEASUREMENTS
12 Months Ended
Dec. 31, 2013
Fair Value Measurements  
NOTE 6 - FAIR VALUE MEASUREMENTS

In September 2006, the FASB issued SFAS No. 157 “Fair Value Measurements”. The objective of SFAS 157 (ASC 820) is to increase consistency and comparability in fair value measurements and to expand disclosures about fair value measurements. SFAS 157 (ASC 820) defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS 157 (ASC 820) applies under other accounting pronouncements that require or permit fair value measurements and does not require any new fair value measurements.

 

The Company has various financial instruments that must be measured under the new fair value standard including: cash in bank. The Company currently does not have non-financial assets or non-financial liabilities that are required to be measured at fair value on a recurring basis. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:

 

- Level 1:  Quoted prices in active markets for identical instruments;

- Level 2:  Other significant observable inputs (including quoted prices in active markets for similar instruments);

- Level 3:  Significant unobservable inputs (including assumptions in determining the fair value of certain investments).

 

Financial assets and liabilities carried at fair value and measured on a recurring basis are classified in the hierarchy as follows:

 

    Fair Value at December 31, 2013  
    Level 1     Level 2     Level 3     Total  
    $     $     $     $  
                         
Cash and cash equivalents     29,113       -       -       29,113  
Total financial assets carried at fair value     29,113       -       -       29,113  

 

    Fair Value at December 31, 2012  
    Level 1     Level 2     Level 3     Total  
    $     $     $     $  
                         
Cash and cash equivalents     13,983       -       -       13,983  
Total financial assets carried at fair value     13,983       -       -       13,983