Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 251

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 19
Chunk 251
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 expected operational expenses for a period of 180 days, including the servicing of financial
obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

Recent accounting pronouncements

Recently adopted accounting pronouncements

Segment Reporting (Topic 280). In November 2023, the Financial Accounting
Standards Board (“ FASB”) issued Accounting Standards Update (“ ASU”) No. 2023-07, Segment Reporting (Topic 280)-
Improvements to Reportable Segment Disclosures. ASU No. 2023-07 requires an enhanced disclosure of significant segment expenses that are
regularly provided to the CODM and included within each reported measure of segment profit or loss, on an annual and interim basis. The
guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December
15, 2024. Adoption of this guidance should be applied retrospectively to all prior periods presented. Early adoption is permitted. The
Group’s adoption of this standard did not have a material impact on its consolidated financial statements.

New Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB
issued ASU 2023-09, which is an update to Topic 740, Income Taxes. The amendments in this update related to the rate reconciliation and
income taxes paid disclosures improve the transparency of income tax disclosures. For public business entities, the amendments in this
Update are effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments
are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have
not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective
application is permitted. This ASU will result in the required additional disclosures being included in the Group's consolidated financial
statements, once adopted.

In November 2024, the FASB
issued ASU No. 2024-03, Income Statement (Topic 220)- Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40).
ASU No. 2024-03 requires publicly-traded business entities to disclose specified information about the components of certain costs and
expenses that are currently disclosed in the financial statements. The guidance is effective for annual reporting periods beginning after
December 15,