Company: EZOO
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001493152-25-020156
Chunk: 17

Company: Ezagoo Ltd
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 1
Chunk 17
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AUDITED)

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

●
Recent accounting pronouncements

In
December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income
tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information.
This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective
for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities,
the amendments are effective for annual periods beginning after December 15, 2025.

In
November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation
Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires entities to disclose additional information
about certain expense categories in the notes to the financial statements. This guidance may be applied retrospectively or prospectively
for annual reporting periods beginning with the Group’s combined financial statements for the fiscal year ended December 31, 2027,
and interim periods beginning with the Group’s condensed combined financial statements for the fiscal quarter ended March 31, 2028.
Early adoption is permitted.

In
January 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-01
— Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying
the Effective Date. This ASU amends the effective date of Update 2024-03 to clarify that all public business entities are required to
adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods
beginning after December 15, 2027.

Recently
issued ASUs by the FASB, except for the ones mentioned above, are not expected to have a significant impact on the Company’s consolidated
results of operations or financial position. Other accounting standards that have been issued or proposed by FASB that do not require
adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company
does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated