Replies to post #392 on Power Sports Factory (fka PSPF)

[CaptainD2u]

IMPORTANT..Good parragraph.Regards,CaptD.
In May 2008, the FASB issued SFAS No. 162, “The Hierarchy of Generally Accepted Accounting Principles”. SFAS No. 162 identifies the sources of accounting principles and the framework for selecting the principles to be used in the preparation of financial statements of nongovernmental entities that are presented in conformity with generally accepted accounting principles (GAAP) in the United States. The Company has adopted SFAS No. 162 effective January 1, 2009 and it did not have a material impact on its financial statements.