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Note 1 - Organization and Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)
3 Months Ended
Sep. 30, 2012
Foreign Currency Translation:  
Foreign Currency Translation

FOREIGN CURRENCY TRANSLATION

 

The Company primarily operates in the PRC. The financial position and results of operations of the subsidiaries are determined using the local currency (“Renminbi” or “RMB”) as the functional currency.

 

Translation from RMB into United States dollars (“USD” or “$”) for reporting purposes is performed by translating the results of operations denominated in foreign currency at the weighted average rates of exchange during the reporting periods. Assets and liabilities denominated in foreign currencies at the balance sheet dates are translated at the market rate of exchange in effect at that date. The registered equity capital denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. All translation adjustments resulting from the translation of the financial statements into USD are reported as a component of accumulated other comprehensive income in shareholders’ equity. The exchange rates used in translation from RMB to USD amount were published by People’s Bank of the People’s Republic of China.

 

 

 

September  30,

2012

 

December 31,

2011

Balance sheet items, except for the registered and paid-up capital and retained earnings as of September 30, 2012 and December 31, 2011.

 

US$1=RMB 6.3190

 

US$1=RMB 6.3009

 

 

 

Nine Months Ended September 30,

 

 

2012

 

2011

Amounts included in the statements of operations and comprehensive income, and statements of cash flow for the nine months ended September 30, 2012 and 2011.

 

US$1=RMB 6.3085

 

US$1=RMB 6.4975