Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 468

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1A
Chunk 468
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 beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company has adopted
the same for the fiscal year beginning on April 1, 2024 and the disclosures presented in the Company’s Consolidated Financial Statements
includes the same.

F-21

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2.Summary of Significant Accounting Policies (Continued)

Accounting Pronouncement Pending
Adoption

In December 2023, the FASB
issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to improve income tax disclosure
requirements by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) the
disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure
requirements. The guidance in ASU 2023-09 will be effective for annual reporting periods in fiscal years beginning after December
15, 2024. The Company is currently evaluating the impact that the adoption of ASU 2023-09 will have on its Consolidated Financial
Statements and disclosures.

In November 2024, the Financial Accounting
Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Disaggregation of Income Statement
Expenses, which requires public companies to disaggregate key expense categories such as inventory purchases, employee compensation and
depreciation in their financial statements. Further, in January 2025, the Financial Accounting Standards Board (“FASB”) issued
Accounting Standards Update No. 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures
(Subtopic 220-40): Clarifying the Effective Date” which clarifies the effective date of ASU 2024-03. The guidance is effective for
all public entities with fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December
15, 2027. Early adoption is permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2024-03 will have on
the Company’s Consolidated Financial Statements.

In December 2024, the Financial Accounting
Standards Board (“FASB”) issued Accounting Standards Update No. 2024-03, “Debt