Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 181

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 181
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 $                   1,784,363      $               ( 655,565      $                 1,128,798  
  Current tax asset                                                          -                         95,993                           95,993  
  Total current assets                                               1,784,363                      ( 559,572                        1,224,791  
  Deferred tax asset                                                 1,012,780                        136,469                        1,149,249  
  Prepayment and other non-current assets                              593,473                        491,451                        1,084,924  
  Total non-current assets                                          32,267,167                        627,920                       32,895,087  
  Net assets                                                        27,424,065                         68,348                       27,492,413  
  EQUITY                                                                                                                                        
  Retained earnings                                                  6,241,945                         68,348                        6,310,293  
  TOTAL EQUITY                                   $                  27,424,065      $                  68,348      $                27,492,413  

(ab) Recent accounting pronouncements

The Group is an “emerging growth company”
(“ EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “ JOBS Act”). Under the JOBS Act, EGC
can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards
apply to private companies.

In November 2023, the FASB issued ASU No. 2023-07,
“ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which amends and enhances the disclosure
requirements for reportable segments. All disclosure requirements under this standard will also be required for public entities with a
single reportable segment. This new standard became effective for fiscal years beginning after December 15, 2023 and for interim periods
within fiscal years beginning after December 15, 2024. The Group adopted this standard in the fourth quarter of 2024, which did not have
a material impact on the consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ ASU 2023-09”). ASU 2023-09 requires disaggregated information
about a reporting entity’s effective tax rate reconciliation