Company: GINT
Filing Date: 2025-10-15
Form Type: F-1/A
Source: 0001213900-25-099087
Chunk: 214

Company: Gifts International Holdings Ltd
Filing Date: 2025-10-15
Form: F-1/A
Chunk 214
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. In November 2023, the FASB issued ASU No. 2023 -07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023 -07 ”),which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosures requirements included in ASU 2023 -07are required for all public entities, including those with a single reportable segment. ASU 2023 -07is effective for annual periods beginning after December 15, 2024, on a retrospective basis, and early adoption is permitted. The Company adopted this standard effective April 1, 2024, retrospectively for all periods presented. In December 2023, the FASB issued ASU No. 2023 -09 , Income Taxes (Topic 720): Improvements to Income Tax Disclosures (“ASU 2023 -09 ”), which prescribes standard categories for the components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax -relateddisclosures. ASU 2023 -09is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the potential impact of the adoption of ASU 2023 -09on its consolidated and combined financial statements. In March 2024, the FASB issued ASU No. 2024 -01 , Leases (Topic 842): Common Control Arrangements (“ASU 2024 -01 ”)that is intended to improve the guidance for applying Topic 842 to arrangements between entities under common control. This ASU requires all entities (that is, including public companies) to amortize leasehold improvements associated with common control leases over the useful life to the common control group. The standard will be effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating the potential impact of ASU 2024 -01on its consolidated and combined financial statements. In November 2024, the FAS