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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 60 / 83

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NOTE 1 ------

Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K

Principles of Consolidation ---------------------------

The

consolidated

financial

statements

include

the

accounts of the

Company and inter-company

its wholly-owned subsidiaries. All significant accounts and transactions have been eliminated.

Fair Value of Financial Instruments -----------------------------------

Statement of Financial

Accounting

Standards No. 107 "Disclosure About

Fair Value fair value otherwise

of Financial of off-and-on

Instruments," balance sheet

indicated,

the

fair

values

requires the

disclosure

financial

instruments.

of the Unless

of

all

reported

consolidated

assets and consolidated liabilities, which represent instruments (none of which are held for trading purposes), the carrying values of such amounts.

financial approximate

  • -

    10-

TIDELANDS OIL & GAS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2005, 2004 (RESTATED) AND 2003

  • -

    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

------------------------------------------------------

Use of Estimates ----------------

The preparation of consolidated financial statements

in accordance with

accounting

principles

generally

America

requires

management

to

accepted

in

make

estimates

the

and

United

States

of

assumptions

that

affect certain reported amounts results could differ from those

and disclosures. estimates.

Accordingly,

actual

Property, Plant and Equipment -----------------------------

Property,

plant

and

equipment

are

recorded

at

historical

cost.

Depreciation straight-line

of

property,

method

over

plant and

equipment

the

estimated

useful

is provided on the lives of the related

assets.

Maintenance

and repairs are charged to operations.

Additions

and betterments, capitalized. Upon

which

extend the useful

retirement

or

disposal

of

lives

the

of the

assets,

property,

plant

are and

equipment, the the accounts, operations.

cost and

and accumulated

the

resulting

depreciation gain or loss

are eliminated from

is

reflected

in

Long-Lived Assets -----------------

Statement of Financial

Accounting Standards 144

(SFAS 144)

"Accounting

for the

Impairment

or Disposal of

Long-Lived

Assets"

long-lived impairment

assets to be held and used whenever events or changes

by in

the Company be circumstances

requires that reviewed for indicate that

the related

carrying

amount may not be

recoverable.

When

required,

impairment losses on assets to be held and used are recognized based

the fair value of the asset, are reported at the lower of sell.

and

long-lived

carrying

amount

or

assets to be disposed

fair

value

less

cost

on of to

60

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