Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 1152

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 6
Chunk 1152
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07
also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative
thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for years beginning after December 15, 2023
and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively. The Company adopted this ASU for
the year ended June 30 2025 (See Note 24).

Except
as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted,
would have a material effect on the Company’s balance sheets, statements of operations and comprehensive loss, and statements of
cash flows.

F-17

Recently
issued accounting pronouncements not yet adopted

In December 2023, the
FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”),
which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation,
(2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and
(3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also
requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes.
The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual consolidated
financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective
basis, but retrospective application is permitted. The Company is currently evaluating the impact of these standards will have on it financial
statements.

In
November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic
220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income
Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU
2025-