Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 179

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 18
Chunk 179
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, including legal proceedings and claims arising out of the business
that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such
contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Company
may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

Recent
Accounting Pronouncements

The
Company is an “emerging growth company” (an “ EGC”) as defined in the Jumpstart Our Business Startups Act of 2012
(the “ JOBS Act”). Under the JOBS Act, an EGC can delay adopting new or revised accounting standards issued subsequent to
the enactment of the JOBS Act until such time as those standards apply to private companies.

In
November 2023, the Financial Accounting Standards Board (“ FASB”) issued ASU No. 2023-07, “ Segment Reporting (Topic
280): Improvements to Reportable Segment Disclosures”, which amends and enhances the disclosure requirements for reportable segments.
All disclosure requirements under this standard will also be required for public entities with a single reportable segment. This new
standard became effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after
December 15, 2024. The Company adopted this standard in the fourth quarter of 2024, which did not have a material impact on the consolidated
financial statements and related disclosures.

In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ ASU 2023-09”).
ASU 2023-09requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information
on income taxes paid. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption
is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements
and related disclosures.

In
March 2024, the FASB issued ASU No. 2024-02, Codification Improvements-Amendments to Remove References to the Concepts Statements (“ ASU
2024-02”). The amendments in this Update affect a variety of Topics in the Codification. The amendments apply to all reporting
entities within the