Summary by Moomoo AI
Qifu Technology has filed its annual report for FY2024 with the SEC and HKEX on March 25, 2025, including a detailed reconciliation between U.S. GAAP and IFRS accounting standards. The report highlights key accounting differences in expected credit losses, effective interest rates, share-based compensation, and financial guarantees.The reconciliation reveals that under IFRS standards, the company's total assets were RMB46.49 billion compared to RMB48.13 billion under U.S. GAAP as of December 31, 2024. Net income for 2024 was reported at RMB5.77 billion under IFRS versus RMB6.25 billion under U.S. GAAP, with major adjustments in areas such as expected credit losses and financial guarantee accounting.The main differences stem from varying approaches to credit loss recognition, interest rate calculations, and guarantee liability accounting between the two standards. The company maintains dual reporting to comply with both SEC and HKEX listing requirements.
Comment(0)
Reason For Report