Company: IMG
Filing Date: 2025-08-26
Form Type: 10-Q
Source: 0001641172-25-025514
Chunk: 20

Company: CIMG Inc.
Filing Date: 2025-08-26
Form: 10-Q
Item: Item 1
Chunk 20
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bt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s
Own Equity. ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models available for
convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible
instruments and requires the use of the if-converted method. The amendments in this Update are effective for public business entities
that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies
as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all
other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those
fiscal years. Early adoption is permitted.

In
November 2023, the FASB issued ASU 2023-07, Segment Reporting-Improvements to Reportable Segment Disclosures. The amendments in this
Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.
The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years
beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this Update retrospectively
to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in
the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The
Group adopted ASU 2023-07 in the consolidated financial statements for the year ended December 31, 2024. The Company concluded that it
has no material impact on the consolidated financial statements.

In
December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which applies to all entities subject to income taxes.
ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information
on income taxes paid. For public business entities, ASU 2023-09 will be effective for annual periods beginning after December 15, 2024.
For entities other than public business