Page 223 - Pakistan Oilfield Limited - Annual Report 2022

221
Annual Report 2022

2022 2021
Rupees ('000)
9. LONG TERM DEPOSITS
Security deposits from distributors against equipment 960,019 929,635
Security deposits from distributors against
distributorship and others 55,708 59,124
1,015,727 988,759
9.1 Amount received as security deposit is utilized/utilizable by the Group in accordance with the
related agreements with customers.
2022 2021
Rupees ('000)
10. DEFERRED LIABILITIES

Provision for deferred income tax - note 10.1 6,383,854 5,840,426
Provision for decommissioning costs - note 10.2 19,123,431 14,389,227
Provision for staff compensated absences 2,540 3,299
Provision for un-funded gratuity plan - CAPGAS 7,840 7,862
Deferred liabilities-renewal fee 79,246 -
25,596,911 20,240,814
10.1 Provision for deferred income tax

The provision for deferred income tax represents:
Temporary differences between accounting and
tax base of non current assets 6,747,113 6,162,545
Provision for stores and spares (213,732) (191,873)
Provision for doubtful receivable (99) (93)
Deferred tax on remeasurement loss on staff retirement
benefit plans (149,428) (130,153)
6,383,854 5,840,426
10.2 Provision for decommissioning costs

Balance brought forward 14,389,227 14,089,542
Revision due to change in estimates - note 10.2.1 (727,537) (193,498)
Provision made during the year 22,137 335,429
Unwinding of discount 1,258,353 1,123,961
Exchange loss / (gain) 4,282,697 (869,170)
Decommissioning cost incurred during the year (101,446) (97,037)
19,123,431 14,389,227

10.2.1 Revision due to change in estimates
(Credited) / charged to related asset - note 15 (337,391) 38,574

Revision in excess of related asset credited to
statement of profit or loss - note 29 (390,146) (232,072)
(727,537) (193,498)