Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 124

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 124
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 gains or losses
are recorded in other comprehensive income. Gains or losses resulting from foreign currency transactions are included in statements of
income.

                    Years ended December 31,                                                          
                                        2022                  2023                  2024              
 ──────────────────────────────────────────────────────────────────────────────────────────────────────
  Average rate                                    7.8307                7.8287                7.8029  

                          As of December 31,                                                          
                                        2022                  2023                  2024              
 ──────────────────────────────────────────────────────────────────────────────────────────────────────
  Year-end spot rate                              7.8125                7.8125                7.7700  

Recently adopted accounting pronouncements

In November 2023, the FASB issued ASU No. 2023-07,
“ Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures.” This ASU expands required public entities’
segment disclosures, including disclosure of significant segment expenses that are regularly provided to the chief operating decision
maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment
items and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023 07 is applied retrospectively to all
periods presented in financial statements, unless it is impracticable. This ASU is effective for fiscal years beginning after December
15, 2022, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted
this guidance effective July 1, 2023 and the adoption of this ASU is not expected to have a material impact on its financial statements.

In December 2023, the FASB issued ASU No. 2023-09,
“ Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. This ASU requires additional quantitative and qualitative
income tax disclosures to enable financial statements users better assess how an entity’s operations and related tax risks and tax
planning and operational opportunities affect its tax rate and prospects for future cash flows. The ASU is effective for annual reporting
periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis.
The Company plans to adopt this guidance effective July 1, 2025 and the Company is currently evaluating the impact of adopting