Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1680

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 5
Chunk 1680
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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—Debt with Conversion and Other
Options (Subtopic 470- 20): Induced Conversions of Convertible Debt Instruments”. The amendments in this ASU are effective for annual
reporting periods beginning after December 15, 2025 (and interim reporting periods within those annual reporting periods). Early adoption
is permitted as of the beginning of a reporting period if the entity has also adopted ASU 2020-06 for that period. This update does not
have any impact on the Company’s Consolidated Financial Statements.

In March 2024, the FASB issued ASU
2024-02 Codification Improvements – Amendments to Remove References to the Concept Statements to provide amendments to the Codification
that remove references to various FASB Concepts Statements. ASU 2024-02 is effective for our annual periods beginning December 15, 2024,
with early adoption permitted. This update does not have any impact on the Company’s Consolidated Financial Statements.

In March 2025, the FASB issued ASU 2025-02 “Liabilities
(Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122” to remove the text of SAB Topic 5.FF,
“