Freedom Holding Corp. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Mar. 31, 2023

The carrying amounts of the VIE’s consolidated assets and liabilities are as follows:


	March 31, 2023		March 31, 2022

Cash and cash equivalents	26		134
Restricted cash	1,936		2,843
Trading securities	4,010		2,942
Margin lending, brokerage and other receivables, net	1,616		435
Fixed assets, net	782		1,043
Intangible assets, net	131		205
Right-of-use asset	135		905
Other assets	56		127

Total assets	$	8,692	8,634

Customer liabilities	5,837		8,439
Securities repurchase agreement obligations	12		3,267
Trade payables	25		35
Lease liability	159		914
Other liabilities	298		434

Total liabilities	$	6,331	13,089

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill for the years ended March 31, 2023 and March 31, 2022, were as follows:


	Central Asia and Eastern Europe		Europe, excluding Eastern Europe		US		Held for Sale		Middle East/ Caucasus		Total
Goodwill, gross
Balance as of March 31, 2021 (Recasted)	$	5,261	$	—	$	1,626	$	810	$	—	$	7,697
Foreign currency translation	(157)		—		—		658		—		501
Acquired	—		—		—		—		—		—
Balance as of March 31, 2022 (Recasted)	5,104		$	—	$	1,626	$	1,468	$	—	$	8,198
Foreign currency translation	(74)		—		—		—		—		(74)
Acquired	2,594		—		5,774		—		—		8,368
Balance as of March 31, 2023	7,624		$	—	$	7,400	$	1,468	$	—	$	16,492

Accumulated impairment
Balance as of March 31, 2021	$	—	$	—	$	—	$	—	$	—	$	—
Impairment expense	832		—		—		1,468		—		2,300
Balance as of March 31, 2022	$	832	$	—	$	—	$	1,468	$	—	$	2,300
Impairment expense	—		—		—		—		—		—
Balance as of March 31, 2023	$	832	$	—	$	—	$	1,468	$	—	$	2,300

Goodwill, net of impairment
Balance as of March 31, 2021	$	5,261	$	—	$	1,626	$	810	$	—	$	7,697
Balance as of March 31, 2022	$	4,272	$	—	$	1,626	$	—	$	—	$	5,898
Balance as of March 31, 2023	$	6,792	$	—	$	7,400	$	—	$	—	$	14,192

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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+ Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details