Company: NIVFW
Filing Date: 2025-08-21
Form Type: DRS
Source: 0001213900-25-079301
Chunk: 139

Company: NewGenIvf Group Ltd
Filing Date: 2025-08-21
Form: DRS
Chunk 139
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Recent accounting pronouncements

The FASB has introduced expanded
income tax disclosure requirements under ASU 2023-09 to improve transparency. Companies will now need to provide a detailed reconciliation
of their effective tax rate, breaking down federal, state, and foreign taxes, as well as specific categories like tax credits and foreign
earnings. Additionally, businesses must disclose income taxes paid by jurisdiction, offering investors greater clarity on tax obligations.
These changes apply to both public and private companies, with annual reporting periods beginning after December 15, 2024 (2025 for calendar-year
entities). This update aims to reduce ambiguity in tax reporting and align disclosures with investor needs.

In March 2024, the FASB issued
ASU No. 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, which provides
illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment
arrangements within the scope of ASC 718. ASU 2024-01 is effective for annual periods beginning after December 15, 2024, and interim periods
within those annual periods. The Group is currently evaluating the impact of the adoption of ASU 2024-01 on its consolidated financial
statements and related disclosures."

A major shift in digital asset
accounting, ASU 2023-08 requires companies to measure certain crypto assets (e.g., Bitcoin, Ethereum) at fair value rather than applying
the previous impairment-only model. This means entities must recognize quarterly fair value adjustments in their financial statements,
increasing volatility in reported earnings but improving transparency. The standard applies to fiscal years beginning after December 15,
2024, and impacts both corporate treasuries and investment firms holding cryptocurrencies. This change aligns GAAP closer to fair value
accounting seen in other investment holdings, addressing criticisms of the old impairment approach.

In March 2025, the FASB issued
ASU 2025-02, Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122. (“ASU 2025-02”)
which amends the Accounting Standards Codification to remove the text of SEC Staff Accounting Bulletin (“SAB”) 121 “Accounting
for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users” as it has been rescinded by the issuance of SAB
122. AS