Company: GINT
Filing Date: 2025-10-15
Form Type: F-1/A
Source: 0001213900-25-099087
Chunk: 123

Company: Gifts International Holdings Ltd
Filing Date: 2025-10-15
Form: F-1/A
Chunk 123
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 expected credit loss, which will be more decision useful to users of the financial statements. In November 2019, the FASB issued ASU 2019 -10which defers the effective dates for the credit losses, derivatives and lease standards for certain companies. The deferred effective date for credit losses is April1, 2023 for calendar -yearend companies which are “smaller reporting companies”, non -SECfilers and all other companies including not -for-profitcompanies and employee benefit plans. The deferral for the derivatives and lease standards is only applicable to the companies which are not public business entities. The Company adopted this standard effective April1, 2023, retrospectively for all periods presented. In March 2023, the FASB issued ASU No. 2023 -01 , Leases (Topic 842): Common Control Arrangements (“ASU 2023 -01 ”)that is intended to improve the guidance for applying Topic 842 to arrangements between entities under common control. This ASU requires all entities (that is, including public companies) to amortize leasehold improvements associated with common control leases over the useful life to the common control group. The standard will be effective for fiscal years beginning after December15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating the potential impact of ASU 2023 -01on its consolidated and combined financial statements. In November 2023, the FASB issued ASU No. 2023 -07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023 -07 ”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosures requirements included in ASU 2023 -07are required for all public entities, including those with a single reportable 68 segment. ASU 2023 -07is effective for annual periods beginning after December15, 2024, on a retrospective basis, and early adoption is permitted. The Company adopted this standard effective April1, 2024, retrospectively for all periods presented. In December 2023, the FASB issued ASU No. 2023 -09 , Income Taxes