Company: FECOF
Filing Date: 2025-07-15
Form Type: 20-F
Source: 0001477932-25-005053
Chunk: 39

Company: FEC Resources Inc.
Filing Date: 2025-07-15
Form: 20-F
Item: Item 5
Chunk 39
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 approved by the IASB. International Accounting Standards (“ IAS’s”), and interpretations issued by the IFRS Interpretations Committee (“ IFRIC’s”) and the former Standing Interpretations Committee (“ SIC’s”). The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards and interpretations effective as of December 31, 2024.

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Critical Accounting Estimates

The preparation of financial statements requires management to make certain judgments and estimates. Changes in these judgments and estimates could have a material impact on our reported financial result and financial condition.

We make estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.

The determination of the fair value of our investment in FEL is a significant accounting estimate.

Recent Accounting Related Pronouncements

The Company has prepared its financial statements in accordance with IFRS Accounting Standards as issued by the IASB. IFRS Accounting Standards represents standards and interpretations approved by the IASB. IAS’s, and interpretations issued by the IFRIC’s SIC’s. The financial statements have been prepared in accordance with IFRS Accounting Standards and interpretations effective as of December 31, 2024.

New IFRS Accounting Standards and interpretations or changes to existing standards with future effective dates are either not applicable or not expected to have a significant impact on the financial statements of the Company.

As at the date of authorization of these financial statements, the IASB had issued certain pronouncements that are mandatory for the Company’s accounting periods commencing on or after March 1, 2025. In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements (“ IFRS 18”) which replaces IAS 1 Presentation of Financial Statements. This standard aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation and disaggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027. Companies are permitted to apply I