Company: GINT
Filing Date: 2025-06-06
Form Type: F-1
Source: 0001213900-25-052213
Chunk: 129

Company: Gifts International Holdings Ltd
Filing Date: 2025-06-06
Form: F-1
Chunk 129
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 components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax -relateddisclosures. ASU 2023 -09is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the potential impact of the adoption of ASU 2023 -09on its combined financial statements. 74 In March 2024, the FASB issued ASU No. 2024 -02, Codification Improvements -Amendmentsto Remove References to the Concepts Statements (“ASU 2024 -02”). The amendments in this Update affect a variety of Topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. This update contains amendments to the Codification that remove references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior statements to provide guidance in certain topical areas. ASU 2024 -02is effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the potential impact of the adoption of ASU 2024 -02on its combined financial statements. In November 2024, the FASB issued ASU No. 2024 -03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220 -40): Disaggregation of Income Statement Expenses, which requires that an entity disclose, in the notes to financial statements, specified information about certain costs and expenses. The amendment in the ASU is intended to enhance the transparency and decision usefulness to better understand the major components of an entity’s income statement. The amendments in this Update are effective for annual reporting periods beginning after December15, 2026, and interim reporting periods beginning after December15, 2027. The Company is currently evaluating the impact of the new standard on its unaudited condensed consolidated and combined financial statements which is expected to result in enhanced disclosures. Except for the above -mentionedpronouncements, there are no new recently issued accounting standards that will