Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 112

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 112
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 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 does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material
effect on the consolidated balance sheets, consolidated statements of operations and comprehensive (loss) income and consolidated statements
of cash flows.

F-21

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

For
the Years Ended March 31, 2025, 2024 and 2023

3.
Receivables from customers

As
of March 31, 2025 and 2024, receivables from customers consisted of the following:

                                                                              As of March 31,                                            
                                                                              2025                                  2024                 
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Receivable due from trading solution services                               $                      3,087,114      $         3,510,142  
  Less: allowance for expected credit loss on receivables from customers                           ( 2,590,291                -          
                                                                              $                        496,823      $         3,510,142  

As
of March 31, 2025 and 2024, the Company assessed the collection from the customers and provided allowance of $ 2,590,291 nil

4.
Loans receivable

As
of March 31, 2025 and 2024, loans receivable consisted of the following:

                                                              As of March 31,