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Summary of Significant Accounting Policies: Income Tax, Policy (Policies)
12 Months Ended
Aug. 31, 2013
Policies  
Income Tax, Policy

Income Taxes - The Company accounts for income taxes under the provisions of ASC Topic No. 740 “Income Taxes” which requires the use of the liability method of accounting for income taxes. The liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. At August 31, 2013, the entire deferred tax asset, which arises primarily from our operating losses, has been fully reserved because management has determined that it is not more likely than not that the net operating loss carry forwards will be realized in the future.  Axiom Minerals is subject to the tax laws of Mexico and its tax year is on a calendar basis.

 

At August 31, 2013, the Company did not have any unrecognized tax benefits.  The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of August 31, 2013, the Company had no accrued interest or penalties.  The Company currently has no federal or state tax examinations  in progress  nor has it had any federal or state tax examinations since its inception.  All of the Company's tax years are subject to federal and state tax examination.