Company: ZCARW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110391
Chunk: 251

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 251
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 in ASU 2023-09 will be effective for annual reporting periods in fiscal years beginning after December 15,
2024. The Company is currently evaluating the impact that the adoption of ASU 2023-09 will have on its Condensed Consolidated Financial
Statements and disclosures.

In
November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03,
“Disaggregation of Income Statement Expenses, which requires public companies to disaggregate key expense categories such as inventory
purchases, employee compensation and depreciation in their financial statements. Further, in January 2025, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update No. 2025-01, “Income Statement—Reporting Comprehensive Income—Expense
Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” which clarifies the effective date of ASU 2024-03.
The guidance is effective for all public entities with fiscal years beginning after December 15, 2026, and interim periods within fiscal
years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact that adoption of the provisions
of ASU 2024-03 will have on the Company’s Condensed Consolidated Financial Statements.

In
December 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2024-03, “Debt—Debt
with Conversion and Other Options (Subtopic 470- 20): Induced Conversions of Convertible Debt Instruments”. The amendments in this
ASU are effective for annual reporting periods beginning after December 15, 2025 (and interim reporting periods within those annual reporting
periods). Early adoption is permitted as of the beginning of a reporting period if the entity has also adopted ASU 2020-06 for that period.
This update does not have any impact on the Company’s Condensed Consolidated Financial Statements.

23

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS (UNAUDITED)

2.Summary
of Significant Accounting Policies (Continued)

In
May 2025, the FASB issued ASU 2025-03 which revises the guidance in ASC 805 on identifying the accounting acquirer in a business combination
in which the legal acquiree is a variable interest entity (V