Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 1873

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 16
Chunk 1873
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 issued ASU No. 2023-07, “Segment Reporting (Topic 280)” (“ASU 2023-07” or
“Topic 280). The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information
on an annual and interim basis for all public entities to enable investors to develop more decision useful financial analyses. Topic
280 requires a public entity to report a measure of segment profit or loss that the chief operating decision maker (CODM) uses to assess
segment performance and make decisions about allocating resources. Topic 280 also requires other specified segment items and amounts,
such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in ASU 2023-07
also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative
thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for years beginning after December 15, 2023
and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively. The Company adopted ASU 2023-07 for
the year ended March 31, 2025 (See Note 10 – Segment information).

In
December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax
Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to
disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax
expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations
(separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments
to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods
beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made
available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is
permitted. The Company is currently evaluating the potential impact of adopting this new guidance on the Company’s
consolidated financial statements and related disclosures.

Management