Company: ABLV
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001213900-25-034677
Chunk: 192

Company: Able View Global Inc.
Filing Date: 2025-04-23
Form: 20-F
Item: Item 19
Chunk 192
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 assets. No impairment of long-lived assets was recognized for the years
ended December 31, 2024, 2023 and 2022.

F-13

ABLE VIEW GLOBAL INC.

2. SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES(cont.)

Revenue recognition

The Company adopted ASC 606, Revenue from
Contracts with Customers (“ ASC 606”) on January 1, 2017, using the modified retrospective approach. ASC 606
establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from
the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to
depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive
in exchange for those goods or services recognized as performance obligations are satisfied.

In accordance with ASC 606, revenues are
recognized when control of the promised products is transferred to customers, in an amount that reflects the consideration the Company
expects to be entitled to in exchange for those products. The Company also evaluates whether it is appropriate to record the gross amount
of product sales. When the Company is a principal, and the Company obtains control of the specified goods before they are transferred
to the customers, the revenues should be recognized in the gross amount of consideration to which it expects to be entitled to in exchange
for the specified goods transferred. Revenues are recorded net of value-added taxes.

Sales of cosmetics and other beauty products

For the years ended December 31, 2024, 2023
and 2022, the Company generated revenues primarily from selling cosmetics and other beauty products. The Company identifies a single performance
obligation from contracts which is the sales of cosmetics and other beauty products. The Company recognizes the product revenues on a
gross basis as the Company is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the
specified goods, subject to inventory risks and has the discretion in establishing prices. The Company recognizes revenues at a point
in time when the control over the cosmetics and other beauty products are transferred to customers.

The Company recognizes revenues net of return
allowances and consideration payable to customers when the products are delivered and control is transferred to customers. For sales with
return conditions, the Company reasonably estimates the possibility of return based on the historical experience, changes in judgments
on these assumptions and estimates could materially impact the amount of net revenues recognized. As of