Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 87

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 4A
Chunk 87
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 Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation
of Income Statement Expenses”. The amendments in this ASU are intended to improve financial reporting by requiring that public business
entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual
reporting periods. For interim and annual reporting periods, an entity shall disaggregate, in a tabular format disclosure in the notes
to financial statements, all relevant expense captions presented on the face of the income statement in continuing operations into the
purchases of inventory, employee compensation, depreciation, amortization, and depletion. This ASU is effective for annual reporting periods
beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments
in this Update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date
of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the
impact the adoption of ASU 2024-03 will have on its consolidated financial statements and related disclosures.

In January 2025, the FASB issued ASU 2025-01 Income Statement - Reporting
Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The Board issued Update 2024-03 on November 4, 2024.
Update 2024-03 states that the amendments are effective for public business entities for annual reporting periods beginning after December
15, 2026, and interim reporting periods beginning after December 15, 2027. Following the issuance of Update 2024-03, the Board was asked
to clarify the initial effective date for entities that do not have an annual reporting period that ends on December 31 (referred to as
non-calendar year-end entities). Because of how the effective date guidance was written, a non-calendar year-end entity may have concluded
that it would be required to initially adopt the disclosure requirements in Update 2024-03 in an interim reporting period, rather than
in an annual reporting period. The Board’s intent on the basis for conclusions of Update 2024-03 is clear that all public business
entities should initially adopt the disclosure requirements in the first annual reporting period beginning after December 15, 2026, and
interim reporting periods within annual reporting periods beginning after December 15,