SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Oct. 31, 2017 |
Significant Accounting Policies Policies | |
Basis of Presentation | BASIS OF PRESENTATION. The accompanying consolidated financial statements of CSIT and the Subsidiary ("the Company") have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). All intercompany transactions have been eliminated in consolidation. |
Use of Estimates | USE OF ESTIMATES. The preparation of financial statements in conformity with U.S. GAAP 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 as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. |
Fiscal Year End | FISCAL YEAR END. The Company elected July 31st as its fiscal year ending date. |
Comprehensive Loss | COMPREHENSIVE LOSS. The Company follows Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 220, “Comprehensive Income,” in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. |
Revenue Recognition | REVENUE RECOGNITION. The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. |
Foreign Currency Transactions and Translation | FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION. The functional currency of CSIT is United States (U.S.) Dollars. The functional currency of the Subsidiary is Renminbi (“RMB”). Gains and losses, if any, resulting from transactions in currencies other than the functional currency of the Company are recorded in the statement of operations for the reporting periods as part of operating expense. Included in operating expense were foreign currency transaction gain of $120 and $0 for the years ended July 31, 2017 and 2016. The reporting currency of the Subsidiary is the U.S. dollar. The financial statements in functional currency are translated to U.S. dollars using the closing rate of exchange for assets and liabilities and average rate of exchange for the statement of operations. The capital accounts are translated at historical rate. Translation gains and losses are recorded in the accumulated other comprehensive loss as a component of stockholders' equity. No significant currency translation differences were recorded during the year ended July 31, 2017. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS. For the purpose of the financial statements cash equivalents include all highly liquid investments with original maturity of three months or less. |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES. The Company follows FASB ASC 450-20, Loss Contingencies, |
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHARE. The Company computes basic and diluted earnings per share amounts in accordance with FASB ASC Topic 260, Earnings per Share |
Financial Instruments | FINANCIAL INSTRUMENTS. The Company’s financial instruments consist of cash, accrued expenses and loan from a related party. The carrying amounts of these financial instruments approximate their fair value because of the relatively short maturities. |
Income Taxes | INCOME TAXES. The Company accounts for income taxes under FASB ASC 740, Income Taxes |
Related Party Transactions | RELATED PARTY TRANSACTIONS. The Company follows FASB ASC 850, Related Party Disclosures, |
Recently Issued Accounting Pronouncements | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS. As of October 31, 2017, there were no recently adopted accounting standards that had a material effect on the Company's financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14 which deferred the effective date of Update 2014-09 to annual reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods beginning after December 15, 2016. |