Company: JOCM
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001641172-25-008460
Chunk: 349

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-05-05
Form: 10-K
Item: Item 5
Chunk 349
---
 Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities
that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring
fair value as follows:

    Level 1: Observable inputs such as quoted prices in active markets;

    Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

    Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Leases

Effective November 1, 2019, the Company adopted the
guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all
leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did
not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. (see Note 6).

Recent
accounting pronouncements

The Company has reviewed all recently issued, but not yet effective, considers the applicability and impact of all
accounting standards updates (“ASUs”).

Management periodically reviews new accounting standards that are issued.

Accounting Standards Adopted in 2024

Accounting Standards Update 2023-07, Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures:

In November 2023, the FASB issued ASU 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The new standard provides improvements to reportable segment
disclosure requirements through amendments that require disclosure of significant segment expenses and other segment items on an interim
and annual basis and requires all annual disclosures about a reportable segment’s profit or loss and assets to be made on an interim
basis. The standard also requires the disclosure of the chief operating decision maker’s (“CODM”) title and position
and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding
how to allocate resources. The standard also clarifies that if the CODM uses more than one measure in assessing segment performance and
deciding how to allocate resources, a company may report the additional segment profit or loss measure(s) and that companies with a single
reportable segment must provide all disclosures required by this amendment. The