2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Investments (Policies)
|9 Months Ended|
Jul. 31, 2022
From time to time, the Company may invest in other Companies and acquire a minority interest. The Company evaluates each investment in accordance with ASU 2016-01, which provides guidance on the classification and measurement of investments in equity securities. The Company evaluates accounting for each investment under the equity or cost method depending on whether or not the Company has significant influence or control over the investee. If an investment is considered an equity investment, when the Company has significant influence over the entity’s decision making and in such case the Company will record its share of earnings in the income statement. An investment may be determined to be measured at cost, when the Company has no control or significant influence in decisions and in such case, the Company will record its investment at cost and evaluate it for impairment at each period reported.
If the Company were deemed to be in control or the primary beneficiary under variable interest consideration, the Company would consolidate the operations of the underlying investment.
Disclosure of accounting policy for equity method of accounting for investments and other interests. Investment includes, but is not limited to, unconsolidated subsidiary, corporate joint venture, noncontrolling interest in real estate venture, limited partnership, and limited liability company. Information includes, but is not limited to, ownership percentage, reason equity method is or is not considered appropriate, and accounting policy election for distribution received.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef