Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 107

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 107
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 AUD exchange rate for balance                                              0.6236                0.6524  
  SGD exchange rate for balance                                              1.3445                1.3475  

                                                                                                                                        For                                                          
                                                                                                                  the Years Ended March 31,                                                          
                                                                                                                                       2025                  2024                  2023              
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  HKD                                                                                                                                            7.7930                7.8246                7.8389  
  AUD                                                                                                                                            0.6524                0.6579                N/A     
  SGD                                                                                                                                            1.3380                1.3447                1.3739  

F-18

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

For
the Years Ended March 31, 2025, 2024 and 2023

2.
Summary of Significant Accounting Policies (Continued)

Fair
value of financial instruments

Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The
hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of
the fair value hierarchy are described below:

Level
1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level
1 assets included (i) money market funds which were included in cash and cash equivalents, (ii) US treasury notes which were recorded
in the account of available-for-sale investment and (iii) securities owned, at fair value.

Level
2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs
that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
As of March 31, 2025 and for the years ended March 31, 2025, foreign currency forward contracts were categorized in Level 2 of the fair
value hierarchy.

Level
3 - inputs to the valuation methodology are unobservable and significant to the fair value. Warrants were measured at fair value
using unobservable inputs and categorized in Level 3 of the fair value hierarchy (Note 11).

As