Company: JOCM
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001641172-25-008460
Chunk: 348

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-05-05
Form: 10-K
Item: Item 5
Chunk 348
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. The resulting exchange differences are recorded in the statements of operations.

The reporting currency of the Company is United States
Dollars (“US$”). The Company’s subsidiary in Labuan maintains its books and record in United States Dollars (“US$”)
respectively, and Ringgits Malaysia (“RM”) is functional currency as being the primary currency of the economic environment
in which the entity operates.

In general, for consolidation purposes, assets and
liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation
of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average
rates prevailing during the year. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded
as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity.

Translation of amounts from
RM into US$1 has been made at the following exchange rates for the respective years:

SCHEDULE OF EXCHANGE RATES 

    2024  
    2023 

    As of and for the year ended December 31, 

    2024  
    2023 

    Year-end RM: US$1 exchange rate 
     4.476  
     4.589 
  
    Year-average RM: US$1 exchange rate 
     4.563  
     4.561 

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 CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024 AND 2023

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

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 and amount due to a director 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