Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 273

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 273
---
 January 2025, the Financial Accounting Standards Board (“FASB”)
issued Accounting Standards Update No. 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation
Disclosures (Subtopic 220-40): Clarifying the Effective Date” which clarifies the effective date of ASU 2024-03. The guidance is
effective for all public entities with fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning
after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2024-03
will have on the Company’s Condensed Consolidated Financial Statements.

In December 2024, the Financial
Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2024-03, “Debt—Debt with Conversion
and Other Options (Subtopic 470- 20): Induced Conversions of Convertible Debt Instruments”. The amendments in this ASU are effective
for annual reporting periods beginning after December 15, 2025 (and interim reporting periods within those annual reporting periods).
Early adoption is permitted as of the beginning of a reporting period if the entity has also adopted ASU 2020-06 for that period. This
update does not have any impact on the Company’s Condensed Consolidated Financial Statements.

In November 2023, the Financial
Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “Segment Reporting (ASC 280): Improvements
to Reportable Segment Disclosures” (“ASU 2023-07”). The guidance is effective for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. This update does not
have any impact on the Company’s Condensed Consolidated Financial Statements.

In December
2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure
requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our
annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated
standard will have on our Condensed Consolidated Financial Statements disclosures.