Company: FECOF
Filing Date: 2025-07-15
Form Type: 20-F
Source: 0001477932-25-005053
Chunk: 70

Company: FEC Resources Inc.
Filing Date: 2025-07-15
Form: 20-F
Item: Item 18
Chunk 70
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 transaction costs and premiums payable on redemption, as well as any interest or coupon payable while the liability is outstanding. Trade and other payables represent liabilities for goods and services provided to the Company prior to the end of the period which are unpaid. Short term loans represent liabilities for advances from PXP for working capital and pre-drilling costs.

e) Share Capital

Equity instruments are contracts that give a residual interest in the net assets of the Company. Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Company’s common shares are classified as equity instruments. Incremental costs directly attributable to the issuance of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

f) Finance Income and Expenses

Finance expense comprises interest expense on borrowings, accretion of the discount on provisions and impairment losses recognized on financial assets.

Interest income is recognized as it accrues in profit or loss, using the effective interest method.

Foreign currency gains and losses, reported under finance income and expenses, are reported on a net basis.

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  Table of Contents  

FEC RESOURCES INC.

NOTES TO THE FINANCIAL STATEMENTS

December 31, 2024

( Expressed in United States Dollars)

Note 4Standards, Amendments and Interpretations

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 and are comprised of IFRS Accounting Standards, International Accounting Standards (“ IAS’s”), and interpretations issued by the IFRS Interpretations Committee (“ IFRIC’s”) and the former Standing Interpretations Committee (“ 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