Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 145

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 2
Chunk 145
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26

Critical Accounting Estimates

Use of Estimates

The preparation of unaudited condensed consolidated
financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of expenses during the reporting period. Actual results could differ from those estimates. The Company does not have any critical
accounting estimates.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07,
“Segment Reporting (Topic 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. Management does not expect the adoption of ASU 2023-07 to have any significant impact on the disclosures set out in these
unaudited condensed consolidated financial statements.

In December 2023, the FASB issued Accounting
Standards Update 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