Company: GINT
Filing Date: 2025-06-06
Form Type: F-1
Source: 0001213900-25-052213
Chunk: 204

Company: Gifts International Holdings Ltd
Filing Date: 2025-06-06
Form: F-1
Chunk 204
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 in the Company’s unaudited condensed consolidated and combined financial statements include the useful lives of plant and equipment, impairment of long -livedassets, allowance for expected credit losses, provision for long service payments, revenue recognition, income tax provision, deferred taxes and uncertain tax position. The inputs into the management’s judgments and estimates consider the geopolitical tension, inflationary and high -interestrate environment and other macroeconomic factors on the Company’s critical and significant accounting estimates. Actual results could differ from these estimates. •Foreign Currency Transaction Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise with the impact of subsequent changes in such rates reflected in the income statement. F-8 GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND
COMBINED FINANCIAL STATEMENTS NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.) The Company uses Hong Kong Dollar (“HKD”) as its reporting currency. The functional currency of the Company and its subsidiary in British Virgin Islands is United States Dollar (“US$”), its subsidiary in Hong Kong is HKD and VIE in Macau is Macanese Pataca (“MOP”), which is its respective local currency based on the criteria of ASC Topic 830, Foreign Currency Matters. In the unaudited condensed consolidated and combined financial statements of the Company, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the income statements during the period in which they occur. •Convenience Translation Translations of amounts in the unaudited condensed consolidated and combined balance sheets, unaudited condensed consolidated and combined statements of operations, and unaudited condensed consolidated and combined statements of cash flows from HK$ into US$ as of and for the six months ended September 30, 2024 are solely for the convenience of the readers and were calculated at the rate of US$ = HK$7.7693, as published in the United States Federal Reserve Board on September30, 2024. No representation is made that the HK$ amounts could have been, or could be, converted, realized, or