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Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Fair Value Measurements (Policies)
3 Months Ended
Aug. 31, 2018
Policies  
Fair Value Measurements

Fair Value Measurements

 

In January 2010, the FASB ASC Topic 825, Financial Instruments, began requiring disclosures about fair value of financial instruments in quarterly reports as well as in annual reports. For the Company, this statement applies to certain investments and long-term debt. Also, FASB ASC Topic 820, Fair Value Measurements and Disclosures, clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.

 

Various inputs are considered when determining the value of the Company’s investments and long-term debt. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below.

 

  • Level 1 - observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets.
  • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.).
  • Level 3 - significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments).

 

The Company had no financial instruments to measure for fair value as of August 31, 2018.