Premier Brands Inc.(fka BRND)

[74stingray]

Premier Brands, Inc
(Formerly TrackSoft Systems, Inc.)
(A Development Stage Company)
Notes to Financial Statements
May 31, 2013
Basic Earnings per Share
ASC No. 260, “Earnings Per Share”, specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities
with publicly held common stock. The Company has adopted the provisions of ASC No. 260.
Basic net income (loss) per share amounts is computed by dividing the net income (loss) by the weighted average number of common shares
outstanding. Common stock equivalents have not been included in this computation since the effect would be anti-dilutive. Such common stock
equivalents totaled approximately 1,923,028,107 common shares potentially issuable upon conversion of convertible debt.
Recent Accounting Pronouncements
In July 2012, the FASB issued the Accounting Standards Update or ASU, 2012-02, Intangibles-Goodwill and Other: Testing Indefinite-Lived
Intangible Assets for Impairment, that allows entities to have the option first to assess qualitative factors to determine whether the existence of
events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the
totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired,
then the entity is not required to take further action to determine the fair value of the indefinite-lived intangible asset and perform the quantitative
impairment test by comparing the fair value with the carrying amount in accordance with ASC 350-30. An entity also has the option to bypass
the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment
test. An entity will be able to resume performing the qualitative assessment in any subsequent period. The guidance is effective for annual and
interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company does not
expect the adoption of these provisions to have a significant effect on its financial statements.
In December 2011, the FASB issued the ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications
of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05, that deferred the effective date for
amendments to the presentation of reclassifications of items out of other comprehensive income. ASU 2011-12 was issued to allow the FASB
time to redeliberate the presentation requirements for reclassifications out of accumulated other comprehensive income for annual and interim
financial statements for public, private, and non-profit entities. During the redeliberation period, entities will continue to report reclassifications
out of accumulated other comprehensive income using guidance in effect before ASU 2011-05 was issued. ASU 2011-05 is to be applied
retrospectively and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2011. The adoption
of these provisions did not have a material effect on the Company’s financial statements.
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