Page 190 - Pakistan Oilfields Limited - Annual Report 2021

NOTES TO AND FORMING

PART OF THE CONSOLIDATED 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 Attock Oil Company Limited, UK and its ultimate parent is Coral Holding Limited.

CAPGAS (Private) Limited (CAPGAS), the subsidiary company is incorporated in Pakistan as a private
limited company under the Companies Act, 2017 and is principally engaged in buying, filling,
distribution and dealing in Liquefied Petroleum Gas (LPG).

For the purpose of these financial statements, POL and its consolidated subsidiary are referred as
the Group.

Geographical location and addresses of all other business units of the Group have been disclosed
in note 47.

2. STATEMENT OF COMPLIANCE

These are consolidated financial statements of the Group. 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 Standards) 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
Standards, 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 Group:

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

and errors (Amendments) January 1, 2023
IAS 12 Income Taxes (Amendments) January 1, 2023
IAS 16 Property, Plant and Equipment (Amendments) January 1, 2023
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
(Amendments) January 1, 2022
IFRS 3 Business Combinations (Amendments) January 1, 2022

188 PAKISTAN OILFIELDS LIMITED