Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 111

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 111
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 Concept Statements”
(“ ASU 2024-02”). ASU 2024-02 contains amendments to the FASB Accounting Standards Codification that remove references to
various FASB Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance.
In other instances, the references were used in prior Statements to provide guidance in certain topical areas. ASU 2024-02 is effective
for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential impact
of adopting this guidance on financial statements requirements and does not expect the adoption to have a material impact.

In
December 2023, the FASB issued ASU 2023-09, which is an update to Topic 740, Income Taxes. The amendments in this update related to the
rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) adding disclosures
of pretax income (or loss) and income tax expense (or benefit) to be consistent with U. S. Securities and Exchange Commission (SEC) Regulation
S-X 210.4-08(h), Rules of General Application - General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures
that no longer are considered cost beneficial or relevant. For public business entities, the amendments in this Update are effective
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. Early adoption is permitted for annual financial statements that have not yet been
issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective application
is permitted.

In
October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - codification amendments in response to SEC’s disclosure
Update and Simplification initiative which amend the disclosure or presentation requirements of codification subtopic 230-10 Statement
of Cash Flows - Overall, 250-10 Accounting Changes and Error Corrections - Overall, 260-10 Earnings Per Share - Overall,
270-10 Interim Reporting - Overall, 440-10 Commitments - Overall, 470-10 Debt - Overall, 505-10 Equity - Overall, 815-10
Derivatives and Hedging - Overall, 860-30 Transfers