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NOTES TO AND FORMING
PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
127
PAKISTANOILFIELDS LIMITED
During the year, Rs 998,207 thousand have been capitalised in Development & Decommissioning
costs and Exploration & Evaluation assets in respect of short-term leases.
- As per Securities and Exchange Commission of Pakistan (SECP) SRO 985 (1)/ 2019, dated September
2, 2019, for companies holding financial assets due from Government of Pakistan, the requirements
contained in IFRS 9 with respect to expected credit losses method shall not be applicable till June
30, 2021, provided that such companies shall follow relevant requirements of IAS 39 – Financial
Instruments: Recognition and Measurement, in respect of above referred financial assets during the
exemption period. The Company has assessed that the above SRO does not have any significant
impact on its financial statements.
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, 2020
IAS 8
Accounting policies, changes in accounting estimates
January 1, 2020
and errors (Amendments)
IAS 16
Property, Plant and Equipment (Amendments)
January 1, 2022
IAS 37
Provisions, Contingent Liabilities and Contingent Assets
(Amendments)
January 1, 2022
IAS 41
Agriculture (Amendments)
January 1, 2020
IFRS 3
Business Combinations (Amendments)
January 1, 2020
IFRS 4
Insurance Contracts (Amendments)
January 1, 2023
IFRS 7
Financial Instruments : Disclosures (Amendments)
January 1, 2020
IFRS 9
Financial Instruments (Amendments)
January 1, 2020
IASB
Conceptual framework for financial reporting (Revised)
January 1, 2020
IFRS 16
Leases (Amendments)
June 1, 2020
The management anticipates that adoption of above standards, amendments and interpretations
in future periods, will have nomaterial impact on the financial statements other than in presentation
/ disclosures.
3.2
Further, the following new standards and interpretations have been issued by the International
Accounting Standards Board (IASB), which are yet to be notified by the Securities and Exchange
Commission of Pakistan (SECP), for the purpose of their applicability in Pakistan:
IFRS 1
First-time Adoption of International Financial Reporting Standards
IFRS 17
Insurance contracts
3.3
The following interpretation issued by the IASB has been waived off by SECP:
IFRIC 12
Service concession arrangements