Page 146 - Pakistan Oilfield Limited - Annual Report 2022

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PAKISTAN OILFIELDS LIMITED
Notes to and Forming Part of the

Financial Statements

For the year ended June 30, 2022

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.

Geographical location and addresses of all other business units of the Company have been
disclosed in note 41.
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. CHANGES IN ACCOUNTING STANDARDS, INTERPRETATIONS AND PRONOUNCEMENTS

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 Amendments to 'IAS 1 and IFRS Practice Statement 2' January 1, 2023
Disclosure of Accounting Policies
Amendments to IAS 1 'Presentation of Financial Statements' January 1, 2023
Classification of Liabilities as Current or Non-current
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 January 1, 2022
Assets (Amendments)
IFRS 3 Business Combinations (Amendments) January 1, 2022
IAS 41, IFRS Annual improvements to IFRS Standards 2018 - 2020 January 1, 2022
(1, 9 and 16) (Amendments)
3.2 The above standards, amendments to approved accounting standards and interpretations are not
likely to have any material impact on the Company's financial statements.