Company: ORIB
Filing Date: 2025-02-25
Form Type: 10-Q
Source: 0001683168-25-001211
Chunk: 6

Company: Orion Bliss Corp.
Filing Date: 2025-02-25
Form: 10-Q
Item: Item 1
Chunk 6
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Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurement” defines fair value as the exchange
price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or
liability in an orderly transaction between market participants on the measurement date. The standards apply to recurring and nonrecurring
fair value measurements of financial and non-financial assets and liabilities. The Company determines the fair values of its assets and
liabilities based on a fair value hierarchy that includes three levels of inputs that may be used to measure fair value.

For the three levels are defined as follows:

    Level 1:
    defined as observable inputs such as quoted prices in active markets;
  
    Level 2:
    defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
  
    Level 3:
    defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Due to its short-term nature, the carrying value
of receivables, accounts payable, and advances approximated fair value at January 31, 2025.

     8 

Income Taxes

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.

Long-Lived Assets – Intangible Assets

We account for our intangible assets in accordance
with ASC Subtopic 350-30, General Intangibles Other Than Goodwill, and ASC Subtopic 360-10-05, Accounting for the Impairment or Disposal
of Long-Lived Assets. ASC Subtopic 350-30 requires assets to be measured based on the fair value of the consideration given or the fair
value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Further, ASC Subtopic
350-30 requires an intangible asset to be amortized over its useful life and for the useful life to be evaluated every reporting period
to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life
is changed