Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 32

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 2024, the Financial Accounting
Standards Board (“FASB”) issued Accounting Standards Update No. 2024-03, “Debt—Debt with Conversion and Other
Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments”. The amendments in this ASU are effective for annual
reporting periods beginning after December 15, 2025 (and interim reporting periods within those annual reporting periods). Early adoption
is permitted as of the beginning of a reporting period if the entity has also adopted ASU 2020-06 for that period. This update does not
have any impact on the Company’s Condensed Consolidated Financial Statements.

In November 2023, the Financial Accounting
Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “Segment Reporting (ASC 280): Improvements
to Reportable Segment Disclosures” (“ASU 2023-07”). The guidance is effective for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. This update does not
have any impact on the Company’s Condensed Consolidated Financial Statements.

In December 2023, the FASB issued
ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for
income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods
beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard
will have on our Condensed Consolidated Financial Statements disclosures.

In March 2024, the FASB issued ASU
2024-02 Codification Improvements – Amendments to Remove References to the Concept Statements to provide amendments to the Codification
that remove references to various FASB Concepts Statements. ASU 2024-02 is effective for our annual periods beginning December 15, 2024,
with early adoption permitted. This update does not have any impact on the Company’s Condensed Consolidated Financial Statements.

There are other new accounting pronouncements
issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting
pronouncements have had, or will have, a material impact on its Condensed