Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 325

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 325
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).

Management
periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the
“JOBS Act”), the Company meets the definition of an emerging growth Company and has elected the extended transition period
for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply
to private companies.

In
October 2023, the FASB issued ASU 2023-06, Disclosure Improvements — codification amendments in response to SEC’s
disclosure Update and Simplification initiative which amend the disclosure or presentation requirements of codification subtopic
230-10 Statement of Cash Flows — Overall, 250-10 Accounting Changes and Error Corrections — Overall, 260-10 Earnings Per
Share — Overall, 270-10 Interim Reporting — Overall, 440-10 Commitments — Overall, 470-10 Debt — Overall,
505-10 Equity — Overall, 815-10 Derivatives and Hedging — Overall, 860-30 Transfers and Servicing — Secured
Borrowing and Collateral, 932-235 Extractive Activities — Oil and Gas — Notes to Financial Statements, 946-20 Financial
Services — Investment Companies — Investment Company Activities, and 974-10 Real Estate — Real Estate Investment
Trusts — Overall. The amendments represent changes to clarify or improve disclosure and presentation requirements of above
subtopics. Many of the amendments allow users to more easily compare entities subject to the SEC’s existing disclosures with
those entities that were not previously subject to the SEC’s requirements. Also, the amendments align the requirements in the
Codification with the SEC’s regulations. For entities subject to existing SEC disclosure requirements or those that must
provide financial statements to the SEC for securities purposes without contractual transfer restrictions, the effective date aligns
with the date when the SEC removes the related disclosure from Regulation S-X or Regulation S-K. Early adoption is not allowed. For
all other entities, the amendments will be effective two years later from the date of the SEC’s removal. The Company is
currently evaluating the impact of the update on the Company’s unaudited condensed consolidated financial statements and
related disclosures.

In
November 2023, the FASB issued ASU 2023-07, which is an update to Topic 280, Segment Reporting: Improvements to reportable Segment
Disclosures (“ASU 2023-07”),