Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 197

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 197
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 Company adheres to ASC
450, “ Contingencies” for the recognition, measurement, and disclosure of commitments and contingencies. Contingencies, representing
uncertainties related to potential liabilities or gains stemming from past events, are evaluated based on available information, legal
counsel advice, and historical experience. The Company records accruals for losses when it is probable and reasonably estimable.

Recent accounting pronouncements

The Company considers the
applicability and impact of all accounting standards updates (“ ASUs”). Management periodically reviews new accounting standards
that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “ JOBS Act”), the Company meets the
definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards,
which delays the adoption of these accounting standards until they would apply to private companies.

New Accounting Standards That Have Been Adopted:

On November 27, 2023,
the Financial Accounting Standards Board (“ FASB”) issued Accounting Standards Update No. 2023-07, Improvements to
Reportable Segment Disclosures (“ ASU 2023-07”). ASU 2023-07 amends ASC 280, Segment Reporting(“ ASC
280”) to expand segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the
Company’s chief operating decision maker (“ CODM”), the amount and description of other segment items, the title
and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing
segment performance and deciding how to allocate resources. ASU 2023-07 further permits disclosure of more than one measure of
segment profit or loss and extends the full disclosure requirements of ASC 280 to companies with single reportable segments. The
Company adopted ASU 2023-07 on April 1, 2024, and retrospectively apply to all periods presented in the consolidated
financial statement. The adoption of this ASU did not have a material impact on the consolidated financial statements and related
disclosures.

F-25

GCL GLOBAL HOLDINGS LTD
AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

New Accounting Standards That Have Not Yet Been Adopted:

In October 2023, the FASB
issued ASU 2023-06, Disclosure Improvements - codification amendments in response to SEC’s disclosure Update