Page 208 - Pakistan Oilfield Limited - Annual Report 2022

206
PAKISTAN OILFIELDS LIMITED

Notes to and Forming Part of the -
Consolidated 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.

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 46.

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 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 (1, Annual improvements to IFRS Standards 2018 - 2020 January 1, 2022
9 and 16) (Amendments)