Note 2 - Significant Accounting Policies: Other Intangible Assets and Goodwill (Policies)
|3 Months Ended|
Jun. 30, 2016
|Other Intangible Assets and Goodwill||
Other Intangible Assets
The Company accounts for Other Intangible Assets under the guidance of ASC 350, IntangiblesGoodwill and Other. The Company capitalizes certain costs related to patent technology, as a substantial portion of the purchase price related to the Companys acquisition of VIM assets has been assigned to patents. Under the guidance, Other Intangible Assets with definite lives are amortized over their estimated useful lives. Intangible assets with indefinite lives are tested annually for impairment.
Goodwill, representing the difference between the total purchase price and the fair value of assets (tangible and intangible) and liabilities at the date of acquisition, is reviewed for impairment annually, and more frequently as circumstances warrant, and written down only in the period in which the recorded value of such assets exceed their fair value. The Company does not amortize goodwill in accordance with Financial Accounting Standards Board (the FASB) Accounting Standards Codification (ASC) 350, IntangiblesGoodwill and Other (ASC 350).
Goodwill is tested for impairment at the reporting unit level. The Companys two operating segments comprise the reporting unit for goodwill impairment testing purposes.
Disclosure of accounting policy for goodwill. This accounting policy also may address how an entity assesses and measures impairment of goodwill, how reporting units are determined, how goodwill is allocated to such units, and how the fair values of the reporting units are determined.
Reference 1: http://www.xbrl.org/2003/role/presentationRef