Page 126 - Pakistan Oilfields Limited - Annual Report 2021

NOTES TO AND FORMING

PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2021

1. LEGAL STATUS AND OPERATIONS

Pakistan Oilfields Limited (the Company) is incorporated in Pakistan as a public limited company
and its shares are quoted on Pakistan Stock Exchange Limited. The registered office of the Company
is situated at Morgah, Rawalpindi. The Company is principally engaged in exploration, drilling
and production of crude oil and gas in Pakistan. Its activities also include marketing of liquefied
petroleum gas under the brand name POLGAS and transmission of petroleum. The Company is a
subsidiary of The Attack Oil Company Limited, UK and its ultimate parent is Coral Holding Limited.

Geographical location and addresses of all other business units of the Company have been disclosed
in note 42.
2. STATEMENT OF COMPLIANCE

These are separate financial statements of the Company. These financial statements have been
prepared in accordance with the accounting and reporting standards as applicable in Pakistan. The
accounting and reporting standards applicable in Pakistan comprise of:
- International Financial Reporting Standards (IFRS) issued by the International Accounting
Standards Board (IASB) as notified under the Companies Act, 2017; and

- Provisions of and directives issued under the Companies Act, 2017.

Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS, the
provisions of and directives issued under the Companies Act, 2017 have been followed.

3. NEW AND AMENDED STANDARDS AND INTERPRETATIONS

3.1 Standards, amendments and interpretations to existing standards that are not yet effective and
have not been early adopted by the Company:

Effective date (annual
reporting periods
beginning on or after)

IAS 1 Presentation of financial statements (Amendments) January 1, 2023
IAS 8 Accounting policies, changes in accounting estimates January 1, 2023
and errors (Amendments)
IAS 12 Income Taxes (Amendments) January 1, 2023
IAS 16 Property, Plant and Equipment (Amendments) January 1, 2022
IAS 37 Provisions, Contingent Liabilities and Contingent Assets January 1, 2022
(Amendments)
IFRS 3 Business Combinations (Amendments) January 1, 2022
IFRS 7 Financial Instruments : Disclosures (Amendments) January 1, 2021
IFRS 9 Financial Instruments (Amendments) January 1, 2021
IFRS 16 Leases (Amendments) January 1, 2021

The management anticipates that adoption of above standards, amendments and interpretations
in future periods, will have no material impact on the financial statements other than in presentation
/ disclosures.

124 PAKISTAN OILFIELDS LIMITED