Company: AGCC
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026121
Chunk: 175

Company: Agencia Comercial Spirits Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 175
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 2024 the Company capitalized nil and approximately US$150,151 of deferred offering costs, respectively. Account payables, and accruals and other payables Account payables, and accruals and other payables are initially measured at fair value and, after initial recognition, at amortized cost, except for short term payable with no stated interest rate and the effect of discounting being immaterial that are measured at their original invoice amount. Borrowing costs Borrowing costs are recognized as an expense in the period in which they are incurred. Bank borrowings Borrowings are presented as current liabilities unless the Company has an unconditional right to defer settlement for at least 12months after the end of the reporting date, in which case they are presented as non -currentliabilities. Borrowings are initially recorded at fair value, net of transaction costs and subsequently carried at amortized costs using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings which are due to be settled within 12 months after the end of the reporting date are included in current borrowings in the balance sheet even though the original term was for a period longer than 12 months and an agreement to refinance, or to reschedule payments, on a long -termbasis is completed after the end of the reporting date and before the financial statements are authorized for issue. Revenue recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014 -09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted ASU No. 2014 -09and its related amendments (collectively, known as ASC 606, Revenue from Contracts with Customers) upon incorporation. Adoption of ASC 606 did not impact the timing of revenue recognition in the Company’s financial statements for the prior annual periods. The Company generated its revenue from trading of whisky products. Revenue is recognized when control of the promised goods is transferred to a customer for an amount that reflects the consideration that the Company expects to receive in exchange for those goods. F-9 AGENCIA COMERCIAL CO., LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEARS ENDED DECEMBER 31, 202