Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 141

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 141
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220, Comprehensive Income to expand income statement expense
disclosures and require disclosure in the notes to the financial statements of specified information about certain costs and expenses.
ASU 2024-03 is required to be adopted for fiscal years commencing after December 15, 2026, with early adoption permitted. The Company
is currently evaluating the impact of adopting the standard on the Consolidated Financial Statements.

Accounting Standards Update ASU No. 2023-06,
Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, that extends the sunset (or expiration) date of
ASC Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided
under ASC Topic 848 for matters related to reference rate reform. The Company does not expect the cessation of LIBOR to have a material
impact on the financial position, results of operations, cash flows or disclosures.

The Company’s management reviewed all recently
issued ASU’s not yet adopted by the Company and does not believe the future adoptions of any such ASU’s may be expected to
cause a material impact on the Company’s consolidated financial condition or the results of its operations.

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 consolidated
balance sheets, statements of income and comprehensive income and statements of cash flows.

3. SEGMENT INFORMATION

ASC Topic 280, Segment Reporting, establishes
standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure
as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s
business segments. The Company uses the “management approach” in determining reportable operating segments. The management
approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating
decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief
operating decision maker, reviews operation results by the revenue of different products or services. Based on management’s assessment,
the Company has determined that it has onlyoneoperating segment. All assets of the Company are located in Hong Kong and all revenue
is generated in Hong Kong.

F-20

WELLCHANGE HOLDINGS COMPANY LIMITED

4. ACCOUNTS RECEIVABLE, NET

Accounts receivable, net is comprised of the following