Nature of Business
CommonWealth Realty Partners, Inc. is
a development stage company and was incorporated in Nevada on November 18, 2010. The Companys objective is to purchase,
manage, and dispose of real estate assets.
Development Stage Company
The accompanying financial statements
have been prepared in accordance with generally accepted accounting principles for development stage companies. A development stage
company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no
significant revenues there from.
Cash and Cash Equivalents
The Company considers all highly liquid
investments with maturities of three months or less to be cash equivalents. At November 30, 2011 and 2010, respectively, the Company
had $2,789 and $1,290 of unrestricted cash.
Fair Value of Financial Instruments
The Companys financial instruments
consist of cash and cash equivalents, prepaid expenses, and an amount due to a related party. The carrying amount of these financial
instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates
unless otherwise disclosed in these financial statements.
Income taxes are computed using the
asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based
on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently
enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence,
are not expected to be realized.
Use of Estimates
The preparation of financial statements
in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements
and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Basic loss per share
Basic loss per share has been calculated
based on the weighted average number of shares of common stock outstanding during the period.
Costs of start-up activities, including
organizational costs, are expensed as incurred.
Debt issue costs are deferred and amortized
over the term of the related debt. The direct incremental costs of issuing securities (offering costs) are deferred and deducted
from the proceeds of the offering.
Recent Accounting Pronouncements
The Company does not expect the adoption
of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial
position or cash flow.