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RECAST
 12 Months Ended
Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]  
Recast RECAST
When preparing the consolidated financial statements as of and for the year ended March 31, 2023, management determined that certain amounts included in the Company’s consolidated financial statements as of March 31, 2022 and 2021, required revision due to the closing on May 17, 2022, of the Company's acquisition of two insurance companies in Kazakhstan, a life insurance company, Freedom Life, and a direct insurance carrier, excluding life, health and medical, Freedom Insurance, which were deemed to be entities under common control with the Company since 2018. Prior to the Company's acquisition of these companies, each was wholly owned by the Company's controlling shareholder, chairman and chief executive officer, Timur Turlov, who had previously acquired Freedom Life and Freedom Insurance from a non-related party on February 28, 2018, and August 22, 2018, respectively. The two companies are under common control with the Company since the dates when they were acquired by Timur Turlov.
The Company acquired these companies from Mr. Turlov at the historical cost paid by him plus amounts he had contributed as additional paid in capital since his purchase. The Company acquired the two companies to expand its presence in the insurance segment. The purchase price for 100% of the outstanding shares of Freedom Insurance was $13,977 and the purchase price for 100% of the outstanding shares of Freedom Life was $12,611. During the year ended March 31,2023 Freedom KZ has fully repaid the payable for acquisitions of Freedom Life and Freedom Insurance.

The financial results of Freedom Life and Freedom Insurance have been consolidated in financial statements as of and for the year ended March 31, 2022, and in the corresponding periods of 2021 for comparative purposes, as if they had been acquired prior to such periods.
The previously issued Consolidated Balance Sheet as of March 31, 2022, and Consolidated Statements of Operations and Statements of Other Comprehensive Income for the year ended March 31, 2022 and March 31, 2021, have been revised as follows:
As of March 31, 2022
As previously reportedFF Life acquisitionElimi-nationsFF Insurance acquisitionElimi-nationsAs recasted
ASSETS
Cash and cash equivalents$224,663 $1,429 $(917)$371 $(82)$225,464 
Restricted cash547,950 — — — — 547,950 
Trading securities1,080,982 8,875 — 68,520 — 1,158,377 
Available-for-sale securities, at fair value1 161,363 — — — 161,364 
Margin lending, brokerage and other receivables, net147,480 172 (34)61 (20)147,659 
Loans issued92,403 43 — — — 92,446 
Fixed assets, net17,387 182 — 254 — 17,823 
Intangible assets, net3,512 1,490 — 161 — 5,163 
Goodwill5,388 359 — 151 — 5,898 
Right-of-use asset6,747 532 — 152 — 7,431 
Insurance contract assets— 3,555 — 2,157 — 5,712 
Other assets, net19,351 9,863 — 427 — 29,641 
Assets held for sale825,419 — — — — 825,419 
TOTAL ASSETS$2,971,283 $187,863 $(951)$72,254 $(102)$3,230,347 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Securities repurchase agreement obligations$742,710 $47,690 $— $49,824 $— $840,224 
Customer liabilities766,627 — (917)— (82)765,628 
Margin lending and trade payables45,082 — — 21 (20)45,083 
Liabilities from insurance activity — 108,925 — 13,162 — 122,087 
Current income tax liability14,556 — — — — 14,556 
Securities sold, not yet purchased – at fair value13,865 — — — — 13,865 
Debt securities issued34,390 — — — — 34,390 
Lease liability6,785 543 — 176 — 7,504 
Liability arising from continuing involvement6,447 — — — — 6,447 
Other liabilities20,668 551 (34)292 — 21,477 
Liabilities held for sale812,478 — — — — 812,478 
TOTAL LIABILITIES$2,463,608 $157,709 $(951)$63,475 $(102)$2,683,739 
Commitments and Contingent Liabilities (Note 31)— — — — — — 
SHAREHOLDERS’ EQUITY
Preferred stock - $0.001 par value; 20,000,000 shares authorized, no shares issued or outstanding
— — — — — — 
Common stock - $0.001 par value; 500,000,000 shares authorized; 59,542,212 shares issued and outstanding as of March 31, 2022
59 9,465 (9,464)15,576 (15,577)59 
Additional paid in capital141,340 — 16,498 — 16,907 174,745 
Retained earnings426,563 28,132 (6,665)(4,812)(1,294)441,924 
Accumulated other comprehensive loss(53,291)(7,444)(369)(1,985)(36)(63,125)
TOTAL FRHC SHAREHOLDERS’ EQUITY$514,671 $30,153 $— $8,779 $— $553,603 
Non-controlling interest(6,996)1 — — — (6,995)
TOTAL SHAREHOLDERS’ EQUITY$507,675 $30,154 $— $8,779 $— $546,608 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$2,971,283 $187,863 $(951)$72,254 $(102)$3,230,347 
Year ended March 31, 2022
As previously reported FF Life acquisitionElimi-nationsFF Insurance acquisitionElimi-nationsAs recasted
Revenue:
Fee and commission income$335,444 $— $— $83 $(316)$335,211 
Net gain/(loss) on trading securities156,345 (1,283)— 190 — 155,252 
Interest income90,153 23,027 — 8,429 — 121,609 
Insurance underwriting income— 60,526 — 12,455 — 72,981 
Net gain on foreign exchange operations1,979 1,615 — 197 — 3,791 
Net gain on derivatives946 — — — — 946 
TOTAL REVENUE, NET584,867 83,885 — 21,354 (316)689,790 
Expense:
Fee and commission expense73,243 12,289 — 693 (316)85,909 
Interest expense65,449 5,194 — 6,304 — 76,947 
Insurance claims incurred, net of reinsurance— 42,606 — 11,841 — 54,447 
Payroll and bonuses39,779 3,624 — 2,885 — 46,288 
Professional services12,123 106 — 453 — 12,682 
Stock compensation expense7,859 — — — — 7,859 
Advertising expense10,059 — — 1,857 — 11,916 
General and administrative expense18,744 3,516 — 1,273 — 23,533 
Provision for impairment losses2,206 — — 296 — 2,502 
Other expense/(income), net1,312 2,708 — (6)— 4,014 
TOTAL EXPENSE230,774 70,043 — 25,596 (316)326,097 
NET INCOME/(LOSS) BEFORE INCOME TAX354,093 13,842 — (4,242)— 363,693 
Income tax (expense)/benefit(38,529)(54)— 13 — (38,570)
INCOME/(LOSS) FROM CONTINUING OPERATIONS315,564 13,788 — (4,229)— 325,123 
Loss before income tax (expense)/benefit of discontinued operations(117,199)— — — — (117,199)
Income tax benefit of discontinued operations13,004 — — — — 13,004 
Loss from discontinued operations(104,195)— — — — (104,195)
NET INCOME/(LOSS)$211,369 $13,788 $— $(4,229)$— $220,928 
Less: Net loss attributable to non-controlling interest in subsidiary(6,566)— — — — (6,566)
NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS$217,935 $13,788 $— $(4,229)$— $227,494 
OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect— (4,292)— — — (4,292)
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect— 2,222 — — — 2,222 
Foreign currency translation adjustments(17,245)(2,014)— (1,363)— (20,622)
OTHER COMPREHENSIVE (LOSS)/INCOME(17,245)(4,084)— (1,363)— (22,692)
COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS$194,124 $9,704 $— $(5,592)$— $198,236 
Less: Comprehensive loss attributable to non-controlling interest in subsidiary(6,566)— — — — (6,566)
COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST$200,690 $9,704 $— $(5,592)$— $204,802 
For the year ended March 31, 2022, the Company’s EPS as reported was 5.43 for both basic and diluted EPS for continuing operations, (1.75) for both basic and diluted EPS for discontinued operations, and 3.67 for both basic and diluted total EPS. Due to the items noted above, the Company’s EPS has been recast to 5.59 for both basic and diluted EPS for continuing operations, to (1.75) for both basic and diluted EPS for discontinued operations, and to 3.84 for both basic and diluted total EPS.
Year ended March 31, 2021
As previously reportedFF Life acquisitionElimi-nationsFF Insurance acquisitionElimi-nationsAs recasted
Revenue:
Fee and commission income$215,996 $— $— $188 $(176)$216,008 
Net gain on trading securities25,911 966 — 1,930 — 28,807 
Interest income22,815 11,818 — 3,841 — 38,474 
Insurance underwriting income— 54,412 — 8,539 — 62,951 
Net gain/(loss) on foreign exchange operations1,143 (443)— (143)— 557 
Net gain on derivatives86 — — — — 86 
TOTAL REVENUE, NET265,951 66,753 — 14,355 (176)346,883 
Expense:
Fee and commission expense65,978 4,383 — 352 (176)70,537 
Interest expense18,606 1,605 — 2,233 — 22,444 
Insurance claims incurred, net of reinsurance— 46,754 — 5,651 — 52,405 
Payroll and bonuses17,941 3,172 — 2,322 23,435 
Professional services3,980 148 — 302 4,430 
Stock compensation expense114 — — — 114 
Advertising expense5,027 119 — 1,944 6,971 
General and administrative expense8,391 1,304 — 1,314 (10)11,118 
Provision for impairment losses1,517 73 — — — 1,590 
Other (income)/expense, net(106)2,359 — (229)10 2,034 
TOTAL EXPENSE121,448 59,917 — 13,889 (176)195,078 
NET INCOME BEFORE INCOME TAX144,503 6,836 — 466 — 151,805 
Income tax (expense)/benefit(23,362)8 — 47 — (23,307)
INCOME FROM CONTINUING OPERATIONS121,141 6,844 — 513 — 128,498 
Income before income tax expense of discontinued operation28,518 — — — — 28,518 
Income tax expense of discontinued operations(6,735)— — — — (6,735)
Income from discontinued operations21,783 — — — — 21,783 
NET INCOME$142,924 $6,844 $— $513 $— $150,281 
Less: Net income attributable to non-controlling interest in subsidiary631 — — — — 631 
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$142,293 $6,844 $— $513 $— $149,650 
OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect— (304)— — — (304)
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect71 2,021 — — — 2,092 
Foreign currency translation adjustments, net of tax effect1,857 10,866 — (9,936)— 2,787 
OTHER COMPREHENSIVE INCOME/(LOSS)1,928 12,583 — (9,936)— 4,575 
COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS$144,852 $19,427 $— $(9,423)$— $154,856 
Less: Comprehensive income attributable to non-controlling interest in subsidiary631 — — — — 631 
COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST$144,221 $19,427 $— $(9,423)$— $154,225 
For the year ended March 31, 2021, the Company’s EPS as reported was 2.06 for both basic and diluted EPS for continuing operations, 0.37 for both basic and diluted EPS for discontinued operations, 2.44 for basic total EPS, and 2.43 for diluted total EPS. Due to the items noted above, the Company’s EPS has been recast to 2.19 for both basic and diluted EPS for continuing operations, to 0.37 for both basic and diluted EPS for discontinued operations, and to 2.56 for both basic and diluted total EPS, respectively.