Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 140

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 140
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 guidance on the accounting for and disclosure of crypto assets and requires that the Company (i) subsequently remeasure
crypto assets at fair value in the Consolidated Balance Sheets and record gains and losses from remeasurement in Net income (loss)
in the Consolidated Statements of Comprehensive income; (ii) present crypto assets separate from other intangible assets in the
Consolidated Balance Sheets; (iii) present the gains and losses from remeasurement of crypto assets separately in the Consolidated
Statements of Comprehensive income; and (iv) provide specific disclosures for crypto assets. The new standard is effective for the
company for its fiscal year beginning January 1, 2025, with early adoption permitted, and should be applied using a modified
retrospective transition method with a cumulative-effect adjustment recorded to the opening balance of retained earnings as of the
beginning of the year of adoption. The Company is currently evaluating the impact of adopting the standard on the Consolidated
Financial Statements.

F-19

WELLCHANGE HOLDINGS COMPANY LIMITED

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
AND PRACTICES(cont.)

New Accounting Standards That Have Not Yet Been Adopted:

Accounting Standards Update 2023-09, Income Taxes (Topic 740):
Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic
740): Improvements to Income Tax Disclosures. The ASU requires the annual financial statements to include consistent categories and greater
disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective
for public business entities for annual periods beginning after December 15, 2024, and interim periods within those annual periods; early
adoption is permitted. Adoption is either with a prospective method or a fully retrospective method of transition. The Company plans to
adopt ASU 2023-09 for the year beginning on January 1, 2025. The Company is currently evaluating the effect the updated guidance will
have on its disclosures.

Accounting Standards Update 2024-03, Comprehensive income
(Topic 220): Disaggregation of Income Statement expenses

On November 4, 2024, the FASB issued ASU No. 2024-03, Expense
Disaggregation Disclosures (“ ASU 2024-03”). ASU 2024-03 amends ASC