Company: QSJC
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001683168-25-001892
Chunk: 488

Company: TANCHENG GROUP CO., LTD.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 7
Chunk 488
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 2023 

     Amount  
     % of total
 purchase  
     Amount  
     % of total
 purchase 
  
    Supplier A 
    $444,641  
     100.0%  
    $2,395,315  
     99.6% 

(n) Recent Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13,
Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard requires
a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected.
The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present
the net carrying value at the amount expected to be collected on the financial asset. The Company has adopted this standard on January
1, 2023 and the adoption did not have a material impact on the Company’s consolidated financial statements.

In November 2021, the FASB issued ASU 2021-10,
“Government Assistance (Topic 832)” which enhances disclosure of transactions with governments that are accounted for
by applying a grant or contribution model. The new pronouncement requires entities to provide information about the nature of the transaction,
terms and conditions associated with the transaction and financial statement line items affected by the transaction. The Company adopted this
standard on January 1, 2023 and the adoption did not have a material impact on the Company’s consolidated financial statements.

     F-10 

In November 2023, the FASB issued ASU No.2023-07,
“Segment reporting (Topic 280): Improvements to Reportable Segment Disclosures” (ASU 2023-07). This ASU primarily requires
incremental disclosures of disaggregate expense information about a company’s reportable segments. The amendments are effective
for fiscal years beginning after December 15, 2023. The adoption of this guidance did not have a material impact on the Company’s
consolidated financial statements.

The Company has considered all other recently
issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its consolidated
financial statements.

    3.
    INVENTORIES

    Schedule of inventories 

    As of December 31, 

    202