Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 484

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1C
Chunk 484
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 280)” (“ASU 2023-07” or
“Topic 280). The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information
on an annual and interim basis for all public entities to enable investors to develop more decision useful financial analyses. Topic
280 requires a public entity to report a measure of segment profit or loss that the chief operating decision maker (CODM) uses to assess
segment performance and make decisions about allocating resources. Topic 280 also requires other specified segment items and amounts,
such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in ASU 2023-07
also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative
thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for years beginning after December 15, 2023
and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively. The Company adopted this ASU for
the year ended June 30 2025 (See Note 24).

Except
as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted,
would have a material effect on the Company’s balance sheets, statements of operations and comprehensive loss, and statements of
cash flows.

F-17

Recently
issued accounting pronouncements not yet adopted

In December 2023, the
FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”),
which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation,
(2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and
(3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also
requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes.
The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual consolidated
financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a