Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 153

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 153
---

that are not expected to have a significant effect on current accounting practice or cost to most entities. An explanation of why each
amendment in this Update is being made is provided in the “ Amendments to the FASB Accounting Standards Codification” section.
Thus, there is no separate section for the Board’s basis for conclusions in this Update. These issues to remove references to various
Concepts Statements and their proposed amendments were included in Section A (“ Amendments to Remove References to the Concepts Statements”)
of the 2019 proposed Accounting Standards Update, Codification Improvements. Sections B and C (“ Amendments to Disclosure Sections
of the Codification” and “ Other Codification Improvements”) of that proposed Update were finalized in 2020. The issues
in this Update are numbered as they were in the 2019 proposed Update. In some cases, the Board decided to revise the amendments in this
Update from what was included in the 2019 proposed Update. Those changes were responsive to stakeholder feedback received on the 2019
proposed Update and, in many cases, resulted in more narrow changes than were proposed.

In March 2024, the FASB issued ASU 2024-01, “ Compensation-Stock
Compensation (Topic 718): Scope Application of Profits Interest and similar Awards”. For public business entities, the amendments
in this Update are effective for annual periods beginning after December 15.2024, and interim periods within those annual periods. For
all other entities, the amendments are effective for annual periods beginning after December 15,2025, and interim periods within those
annual periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available
for issuance. If an entity adopts the amendments in an interim period, it should adopt them as of the beginning of the annual period that
includes that interim period.

In November 2024, the FASB issued ASU
2024-03, “ Income Statement - Reporting Comprehensive 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