Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 110

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 110
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 Significant Accounting Policies (Continued)

Recently
adopted accounting standards

In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic ASC 280) Improvements to Reportable Segment Disclosures (“ ASU
2023-07”). The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosure about significant
segment expenses. The enhancements under this update require disclosure of significant segment expenses that are regularly provided to
the CODM and included within each reported measure of segment profit or loss, require disclosure of other segment items by reportable
segment and a description of the composition of other segment items, require annual disclosures under ASC 280 to be provided in interim
periods, clarify use of more than one measure of segment profit or loss by the CODM, require that the title of the CODM be disclosed
with an explanation of how the CODM uses the reported measures of segment profit or loss to make decisions, and require that entities
with a single reportable segment provide all disclosures required by this update and required under ASC 280. The Company adopted ASU
2023-07 for the annual period ended March 31, 2025, retrospectively to all periods presented in the consolidated financial statement.
The adoption of this standard did not have a material impact on our results of operations, cash flows or financial condition.

Recent
Accounting Pronouncements

In
November 2024, the FASB issued ASU 2024-03, “ Income Statement - Reporting Comprehensive Income (Subtopic 220-40): Disaggregation
of Income Statement Expenses.” This pronouncement introduces new disclosure requirements aimed at enhancing transparency in financial
reporting by requiring disaggregation of specific income statement expense captions. Under the new guidance, entities are required to
disclose a breakdown of certain expense categories, such as: employee compensation; depreciation; amortization, and other material components.
The disaggregated information can be presented either on the face of the income statement or in the notes to the financial statements,
often using a tabular format. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those
fiscal years. Early adoption is permitted. The Company is currently evaluating these new disclosure requirements and does not expect
the adoption to have a material impact.

In
March 2024, the FASB issued ASU 2024-02, “ Codification Improvements - Amendments to Remove References to the