Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 247

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 247
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Topic 740): Improvements to Income Tax Disclosures. The ASU requires the annual
financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, and income
taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for public business entities for annual periods beginning
after December 15, 2024, and interim periods within those annual periods; early adoption is permitted. Adoption is either with a
prospective method or a fully retrospective method of transition. The Company is currently evaluating the impact of the update on the
Company’s consolidated financial statements and related disclosures.

In November 2024, the FASB
issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the accounting guidance for induced conversions of convertible debt. The amendments clarify that, to
account for a settlement as an induced conversion, an inducement offer must provide at least the consideration (in form and amount) issuable
under the original conversion terms, even for instruments with cash conversion features. The amendments also clarify that the guidance
applies to instruments not currently convertible, provided they had a substantive conversion feature at issuance and at the time of the
inducement offer. The amendments aim to improve the relevance and consistency in application of the induced conversion guidance and are
effective for annual periods beginning after December 15, 2025, with early adoption permitted for entities that have adopted ASU 2020-06.
The Company is currently evaluating the impact of the update on the Company’s consolidated financial statements and related disclosures.

On November 4, 2024,
the FASB issued ASU No. 2024-03, Expense Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 amends
ASC 220, Comprehensive Income to expand income statement expense disclosures and require disclosure in the notes to the financial statements
of specified information about certain costs and expenses. ASU 2024-03 is required to be adopted for fiscal years commencing
after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard on the
Consolidated Financial Statements.

Except as mentioned above,
the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material
effect on the Company’s