Company: JOCM
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001641172-25-008460
Chunk: 174

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-05-05
Form: 10-K
Item: Item 1C
Chunk 174
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. Companies are also considered to be related if they are subject
to common control or common significant influence.

    F-9

JOCOM HOLDINGS CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”),
except for number of shares)

Fair value of financial instruments:

The carrying value of the Company’s financial
instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued liabilities and amount due to a director approximate
at their fair values because of the short-term nature of these financial instruments.

The Company also follows the guidance of the ASC Topic
820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities
that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring
fair value as follows:

    Level 1: Observable inputs such as quoted prices in active markets;

    Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

    Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Leases

Effective November 1, 2019, the Company adopted the
guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all
leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did
not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. (see Note 6).

Recent
accounting pronouncements

The Company has reviewed all recently issued, but not yet effective, considers the applicability and impact of all
accounting standards updates (“ASUs”).

Management periodically reviews new accounting standards that are issued.

Accounting Standards Adopted in 2024

Accounting Standards Update 2023-07, Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures:

In November 2023, the FASB issued ASU 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The new standard provides improvements to reportable segment
disclosure requirements through amendments