Company: HNIT
Filing Date: 2025-07-14
Form Type: 10-Q
Source: 0001641172-25-018889
Chunk: 33

Company: Huineng Technology Corp
Filing Date: 2025-07-14
Form: 10-Q
Item: Item 8
Chunk 33
---
 basis consistent with the Company’s internal organization structure as well as information about services
categories, business segments and major customers in financial statements. For the six months ended May 31, 2025, the Company has three
reportable segments based on business unit, website development, website design and website maintenance services business and two reportable
segments based on country, Malaysia and Hong Kong. The Company also adopted ASU 2023-07, “Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures”, which expands annual and interim disclosure requirements for reportable segments, primarily
through enhanced disclosures about significant segment expenses.

Recently
issued  accounting pronouncements

In December 2023, the FASB issued
ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which requires disaggregated
information about the reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The
ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The standard can be applied prospectively or retrospectively.
The Company is currently evaluating this guidance to determine the impact it may have on its condensed consolidated financial statements.

In
November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income
Statement Expenses. The guidance in ASU 2024-03 requires public business entities to disclose in the notes to the financial statements,
among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and
depreciation, amortization and depletion expenses for each caption on the income statement where such expenses are included. ASU 2024-03
is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15,
2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively
to all periods presented in the financial statements. The Company is currently evaluating the provisions of this guidance and assessing
the potential impact on the Company’s financial statement disclosures.

In
March 2025, the FASB issued ASU 2025-02, Liabilities (Topic 405): Amendments to SEC Paragraph