Company: FSTWF
Filing Date: 2025-02-28
Form Type: F-1
Source: 0001213900-25-018264
Chunk: 174

Company: FST Corp.
Filing Date: 2025-02-28
Form: F-1
Chunk 174
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 for goods and services provided to the Group prior to the end of the financial year which are unpaid. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non -currentliabilities. Accounts and other payables are initially recognized as fair value, and subsequently carried at amortized cost using the effective interest method. (o)Impairment of long -lived assets The Group reviews its long -livedassets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long -livedassets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. There was no impairment of long -livedassets recognized for the years ended December 31, 2023 and 2022. F-11 FEMCO STEEL TECHNOLOGY CO., LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. dollars, except for share and per share data, or otherwise noted) 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (p)Fair value measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three -levelfair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: •Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. •Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. •Level 3 — inputs to the valuation methodology are unobservable. The level in the fair value hierarchy within which a fair