Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 58

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 tax payable approximate their fair values because of the short maturity of these instruments.

Recent accounting pronouncements

From time to time, new accounting
pronouncements are issued by the Financial Accounting Standard Board (“FASB”) or other standard setting bodies and adopted
by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued
standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

In March 2024, the FASB issued
ASU No. 2024-02, which removes references to the Board’s concepts statements from the FASB Accounting Standards Codification (the
“Codification” or ASC).

The ASU is part of the Board’s
standing project to make “Codification updates for technical corrections such as conforming amendments, clarifications to guidance,
simplifications to wording or the structure of guidance, and other minor improvements.” The Company’s management does not
believe the adoption of ASU 2024-02 will have a material impact on its unaudited condensed consolidated financial statements and disclosures.

In November 2024, the FASB issued
ASU No. 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation
of Income Statement Expenses, which requires that an entity disclose, in the notes to unaudited condensed consolidated financial statements,
specified information about certain costs and expenses. The amendment in the ASU is intended to enhance the transparency and decision
usefulness to better understand the major components of an entity’s income statement. The amendments in this Update are effective
for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company
is currently evaluating the impact of the new standard on its unaudited condensed consolidated financial statements which is expected
to result in enhanced disclosures.

The Company has reviewed all
recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements
may be expected to cause a material impact on its financial condition or the results of its operations.

4.          GOING CONCERN
UNCERTAINTIES

The accompanying unaudited condensed
consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of
assets and the satisfaction of liabilities