Company: JOCM
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001641172-25-008460
Chunk: 194

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-05-05
Form: 10-K
Item: Item 2
Chunk 194
---
 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.

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 that require disclosure of significant segment
expenses and other segment items on an interim and annual basis and requires all annual disclosures about a reportable segment’s
profit or loss and assets to be made on an interim basis. The standard also requires the disclosure of the chief operating decision maker’s
(“CODM”) title and position and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in
assessing segment performance and deciding how to allocate resources. The standard also clarifies that if the CODM uses more than one
measure in assessing segment performance and deciding how to allocate resources, a company may report the additional segment profit or
loss measure(s) and that companies with a single reportable segment must provide all disclosures required by this amendment. The ASU
is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15,
2024. The standard should be applied retrospectively to all prior periods presented in the financial statements.

During
the fourth quarter of 2024, we adopted ASU 2023-07 and enhanced our segment disclosures in line with the new guidance. The adoption had
no effect on our consolidated financial statements.

Accounting
Standards not yet Adopted

Accounting
Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures:

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