NOTE 6 – FAIR VALUE MEASUREMENTS

3 Months Ended

Dec. 31, 2012

The fair values of assets and liabilities required to be measured at fair value are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels are as follows:

·	Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.
·	Level 2: Inputs, other than quoted prices included in Level 1, are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability.

·	Level 3: Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

As of the balance sheet date, the carrying amounts of financial instruments including prepaid expenses, accounts payable, and advances from related party approximated fair value because of the relatively short maturity of these instruments. There were no other financial instruments as of December 31, 2012 and September 30, 2011.

China Renewable Construction Materials Inc. 10-Q/A