Company: JOCM
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001641172-25-008460
Chunk: 391

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-05-05
Form: 10-K
Item: Item 6
Chunk 391
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iding 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 reconciliation and income taxes paid. The ASU 2023-09 is effective
for annual reporting periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the
impact of this ASU may have on its unaudited condensed consolidated financial statements and related disclosures.

The
Company does not expect that any other recently issued accounting pronouncements will have a significant effect on its condensed consolidated
financial statements.

 Accounting
Standards Update 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic
220-40): Disaggregation of Income Statement Expenses:

In
November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The new standard requires entities to disclose
additional information about certain expenses, such as purchases of inventory, employee compensation, depreciation, intangible asset
amortization, as well as selling expenses included in commonly presented expense captions on the income statement. The FASB further clarified
the effective date in January 2025 with the issuance of ASU 2025-01, Income Statement – Reporting Comprehensive Income –
Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASU is effective for fiscal years beginning
after December 15, 2026, and interim periods beginning after December 15,