Company: PETVW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023398
Chunk: 69

Company: PetVivo Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 69
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 the new pronouncements that alter previous generally
accepted accounting principles and do not believe that any new or modified principles will have a material impact on the
Company’s reported financial position or operations in the near term. The applicability of any standard is subject to formal
review of the Company’s financial management.

In
June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial
Instruments,” which replaces the existing “incurred loss” model for recognizing credit losses with an “expected
loss” model referred to as the CECL model. Under the CECL model, the Company is required to present certain financial assets carried
at amortized cost, such as accounts receivable, at the net amount expected to be collected. The measurement of expected credit losses
is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts
that affect the collectability of the reported amount. The Company adopted this standard in the consolidated financial statements for
the year ended March 31, 2025. The change had no impact on the Company’s financial statements.

In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires
public entities to disclose significant segment expenses and other segment items on an interim and annual basis and provide in interim
periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does
not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative threshold to determine
its reportable segments. The new disclosure requirements are also applicable to entities that account and report as a single operating
segment entity. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years
beginning after December 15, 2024. The Company adopted the guidance for the annual reporting period ended March 31, 2025. There was no
impact on the Company’s reportable segments identified.

All
other newly issued but not yet effective accounting pronouncements have been deemed either immaterial or not applicable.

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ITEM
3. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

Not
required

ITEM
4. CONTROLS