Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 1186

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 16
Chunk 1186
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 Segment Reporting-Improvements to Reportable Segment Disclosures. The amendments in this Update
improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments
in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after
December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this Update retrospectively to all prior
periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods
should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Group adopted ASU
2023-07 in the consolidated financial statements for the year ended December 31, 2024. The Company concluded that it has no material
impact on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements
to Income Tax Disclosures, which applies to all entities subject to income taxes. ASU 2023-09 requires disaggregated information about
a reporting entity’s effective tax rate reconciliation as well as information on income
taxes paid. For public business entities, ASU 2023-09 will be effective for annual periods beginning after December 15, 2024. For entities
other than public business entities, the requirements will be effective for annual periods beginning after December 15, 2025. The guidance
will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company
is currently evaluating the impact of these accounting standard updates on its consolidated financial statements.

All other newly issued accounting pronouncements
but not yet effective have been deemed either immaterial or not applicable.

Discontinued Operations

ASC 205-20-45-10 In the period(s) that a discontinued
operation is classified as held for sale and for all prior periods presented, the assets and liabilities of the discontinued operation
shall be presented separately in the asset and liability sections, respectively, of the statement of financial position.

ASC 205-20-45-3 The statement in which net income
of a business entity is reported or the statement of activities of a not-for-profit entity (NFP) for current and prior periods shall report
the results of operations of the discontinued operation, including any gain or loss recognized in accordance with paragraph 205-20-45-3C,
in the period in