Company: LSEB
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001199835-25-000233
Chunk: 137

Company: LSEB Creative Corp.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1A
Chunk 137
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 are satisfied. Our performance obligations
primarily consist of delivering products to our customers. Control is transferred upon providing the products to customers upon shipment
of our products to the consumers from our ecommerce sites. Once control is transferred to the customer, we have completed our performance
obligation.

Equipment

Equipment
is stated at cost less accumulated depreciation and depreciated over their estimated useful lives at the following rate and method.

    Furniture
    and fixtures
     
    20%
    per annum - declining balance method
  
    Computer
     
    30%
    per annum - declining balance method

Routine
repairs and maintenance are expensed as incurred. Improvements, that are betterments, are capitalized at cost. The Company recognizes
full quarter’s depreciation in the quarter when the asset is acquired.

Recently
Issued Accounting Pronouncements

In
June 2016, the FASB issued “ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments.” The standard’s main goal is to improve financial reporting by requiring earlier recognition of credit
losses on financing receivables and other financial assets in scope. Update No. 2016-13 is effective for fiscal years beginning after
December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of this
ASU on its financial statements.

In
March 2020, the FASB issued ASU No. 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform
on Financial Reporting.” These amendments provide temporary optional guidance to ease the potential burden in accounting for reference
rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications
and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.
It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all
entities as of March 12, 2020 through December 31, 2022 and can be adopted as of any date from the beginning of an interim period that
includes or is subsequent to March 12, 2020. The Company has not identified loans and other financial instruments that are directly or
indirectly influenced by LIBOR and does not expect the adoption of ASU 2020-04 to have a material