Company: JOCM
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011600
Chunk: 32

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 32
---
,
                                            2024 

    Period-end
    RM : US$1 exchange rate 
     4.433  
     4.476 
  
    Period-average
    RM : US$1 exchange rate 
     4.450  
     4.563 

Related
parties

Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.

    F-9

JOCOM
HOLDINGS CORP.

NOTES
TO CONDENSED FINANCIAL STATEMENTS

FOR
THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

Fair
value of financial instruments:

The
carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued
liabilities approximate at their fair values because of the short-term nature of these financial instruments.

The
Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”),
with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy
that prioritizes the inputs used in measuring fair value as follows:

Level
1: Observable inputs such as quoted prices in active markets;

Level
2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level
3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Recent
accounting pronouncements

The
Company has reviewed all recently issued, but not yet effective, considers the applicability and impact of all accounting standards updates
(“ASUs”).

Management
periodically reviews new accounting standards that are issued.

Accounting
Standards Adopted in 2024

Accounting
Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures:

In
November 2023, the FASB issued ASU 2023-07, Segment