Company: GINT
Filing Date: 2025-08-04
Form Type: F-1/A
Source: 0001213900-25-070836
Chunk: 215

Company: Gifts International Holdings Ltd
Filing Date: 2025-08-04
Form: F-1/A
Chunk 215
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 Disclosures (“ASU 2024 -07 ”),which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosures requirements included in ASU 2024 -07are required for all public entities, including those with a single reportable segment. ASU 2024 -07is effective for annual periods beginning after December 15, 2025, on a retrospective basis, and early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2024 -07on its consolidated and combined financial statements. F-17

GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.) In December 2024, the FASB issued ASU No. 2024 -09 , Income Taxes (Topic 720): Improvements to Income Tax Disclosures (“ASU 2024 -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 2024 -09is effective for annual periods beginning after December 15, 2025 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 2024 -09on its consolidated and combined financial statements. In March 2025, the FASB issued ASU No. 2025 -02, Codification Improvements -Amendments to Remove References to the Concepts Statements (“ASU 2025 -02 ”). The amendments in this Update affect a variety of Topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. This update contains amendments to the Codification that remove references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior statements to provide guidance in certain topical areas. ASU 2025 -02is effective for public business entities for fiscal years beginning after December 15, 2025. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. Early adoption is permitted for both interim and annual