Company: GINT
Filing Date: 2025-06-27
Form Type: F-1/A
Source: 0001213900-25-058872
Chunk: 128

Company: Gifts International Holdings Ltd
Filing Date: 2025-06-27
Form: F-1/A
Chunk 128
---
 to a present value using market -basedobservable inputs; and • Level 3 :Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model -basedtechniques, including option pricing models and discounted cash flow models. 73 The carrying value of the Company’s financial instruments: cash and cash equivalents, accounts receivable, amounts due from related parties, deposit, prepayments and other receivables, accounts payable, accrued liabilities and other payables and amounts due to related parties approximate at their fair values because of the short -termnature of these financial instruments. Recently Issued 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 June 2017, the FASB issued ASU No. 2016 -13, Financial Instruments — Credit Losses (Topic 326). The amendments in this Update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The amendments broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more decision useful to users of the financial statements. In November 2019, the FASB issued ASU 2019 -10which defers the effective dates for the credit losses, derivatives and lease standards for certain companies. The deferred effective date for credit losses is April1, 2023 for calendar -yearend companies which are “smaller reporting companies”, non -SECfilers and all other companies including not -for-profitcompanies and employee benefit plans. The deferral for the derivatives and lease standards is only applicable to the companies which are not public business entities. The Company is still evaluating the impact of the accounting standard of credit losses on the Company’s combined financial statements and related disclosures. In March 2023, the FASB issued ASU No. 2023 -01, Leases (Topic 842): Common Control Arrangements (“ASU 2023 -01”)