NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
Dec. 31, 2020
Notes
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from these estimates. Revenue recognition We base our judgment on guidance ASC 606.Accounting Standards Update 2016-08. All revenues appear in current periods to be recognized as gross. FASB’s new single, principle-based approach to accounting for revenue from contracts with customers. As the entity, we involved in providing a good and provide service to the customers. In those circumstances, Topic 606 requires us to determine whether the nature of our promise is to provide that good or service to the customers (that is, the entity is a principal) or to arrange for the good or service to be provided to the customers by the other party (that is, the entity is an agent). This determination is based upon whether we control the good or the service before it is transferred to the customer. Some indicators help in this evaluation. 1.We identify obligations in the contract with firm Markus. A contract includes promises to transfer temporary right to use construction equipment in their business for profit. 2.We determine the transaction price $500 in a month. The transaction price is the reasonable amount of which we and firm Markus were agree. The transaction price in 2020 was a fixed amount. We didn’t receive revenue from firm Markus in full because we followed “Stay home” mandatory policy issued by Ukrainian government to reduce the spread COVID-19. 3.We recognize revenue from firm Markus when we received the payment. 4.Also, we recognize revenue from Protel Management when we received the payment. 5.The transaction price also can include variable consideration. In our property management service with Protel Management we received changeable revenue. If the consideration is variable, we estimate the amount of consideration to which we will be entitled in exchange for the services. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company considered recognizes the revenue on the accrual basis, revenue is recognized when earned and services have been performed. We are principal, and recognize the gross amount received from the customer as revenue. Revenues are reported on the income statement when the services have been performed. Our revenue includes the gross amounts that come from Client for the Property Management and Rent Service. Cash equivalents The Company considers all highly liquid instruments and tries to work in cash equivalent segment. The Company’s funds are deposited in insured institutions. Income Taxes We are subject to income taxes in the U.S. February 8, 2017 USA and Ukraine signed an Intergovernmental Agreement (IGA) to implement provisions of the Foreign Account Tax Compliance Act (FATCA) and to promote transparency between the two nations on tax matters. For present time we don’t have any current income tax obligations. The Company accounts for income taxes under the provisions of ASC Topic 740, “Income Taxes.” The method of accounting for income taxes under ASC 740 is an asset and liability method. The asset and liability method require the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between tax bases and financial reporting bases of other assets and liabilities. Deferred tax asset would be the net operating loss carryforward value at tax rates. Our Net Operating Loss for 2020 ($32,313) and Net Operating Loss for 2019 ($34,935). Income tax assets and liabilities are computed annually for differences between financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of estimates

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from these estimates.

Revenue recognition

We base our judgment on guidance ASC 606.Accounting Standards Update 2016-08.

All revenues appear in current periods to be recognized as gross.

FASB’s new single, principle-based approach to accounting for revenue from contracts with customers. As the entity, we involved in providing a good and provide service to the customers. In those circumstances, Topic 606 requires us to determine whether the nature of our promise is to provide that good or service to the customers (that is, the entity is a principal) or to arrange for the good or service to be provided to the customers by the other party (that is, the entity is an agent). This determination is based upon whether we control the good or the service before it is transferred to the customer. Some indicators help in this evaluation.

1.We identify obligations in the contract with firm Markus. A contract includes promises to transfer temporary right to use construction equipment in their business for profit.

2.We determine the transaction price $500 in a month. The transaction price is the reasonable amount of which we and firm Markus were agree. The transaction price in 2020 was a fixed amount. We didn’t receive revenue from firm Markus in full because we followed “Stay home” mandatory policy issued by Ukrainian government to reduce the spread COVID-19.

3.We recognize revenue from firm Markus when we received the payment.

4.Also, we recognize revenue from Protel Management when we received the payment.

5.The transaction price also can include variable consideration. In our property management service with Protel Management we received changeable revenue. If the consideration is variable, we estimate the amount of consideration to which we will be entitled in exchange for the services. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

The Company considered recognizes the revenue on the accrual basis, revenue is recognized when earned and services have been performed. We are principal, and recognize the gross amount received from the customer as revenue. Revenues are reported on the income statement when the services have been performed. Our revenue includes the gross amounts that come from Client for the Property Management and Rent Service.

Cash equivalents

The Company considers all highly liquid instruments and tries to work in cash equivalent segment. The Company’s funds are deposited in insured institutions.

Income Taxes

We are subject to income taxes in the U.S. February 8, 2017 USA and Ukraine signed an Intergovernmental Agreement (IGA) to implement provisions of the Foreign Account Tax Compliance Act (FATCA) and to promote transparency between the two nations on tax matters.

For present time we don’t have any current income tax obligations.

The Company accounts for income taxes under the provisions of ASC Topic 740, “Income Taxes.” The method of accounting for income taxes under ASC 740 is an asset and liability method.

The asset and liability method require the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between tax bases and financial reporting bases of other assets and liabilities. Deferred tax asset would be the net operating loss carryforward value at tax rates. Our Net Operating Loss for 2020 ($32,313) and Net Operating Loss for 2019 ($34,935).

Income tax assets and liabilities are computed annually for differences between financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.

STRONG SOLUTIONS INC. 10-K