Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 687

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 687
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 in making decisions about accounting policy disclosures.

F-145

2. Significant accounting policies (cont.) The amendments to IAS 1 are applicable for annual periods beginning on or after January 1, 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide non -mandatoryguidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. The amendments are not expected to have a material impact on the Company’s financial statements. (3) Definition of Accounting Estimates — Amendments to IAS 8 In February 2021, the IASB issued amendments to IAS8, in which it introduces a definition of ‘accounting estimates. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed. The amendments are not expected to have a material impact on the Company’s financial statements. (4) Deferred Tax related to Assets and Liabilities arising from a Single Transaction — Amendments to IAS 12 In May 2021, the IASB issued amendments to IAS12, which narrow the scope of the initial recognition exception under IAS12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences. The amendments should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, at the beginning of the earliest comparative period presented, a deferred tax asset (provided that sufficient taxable profit is available) and a deferred tax liability should also be recognized for all deductible and taxable temporary differences associated with leases and decommissioning obligations. The amendments are not expected to have a material impact on the Company’s financial statements. 2.4 Foreign currency translation 1) Functional and presentation currency Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which each entity operates (the “functional currency”). The financial statements are presented in Korean won in unit, which is the Parent Company’s functional and presentation currency. 2) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.