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NOTES TO AND FORMING
PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
141
PAKISTANOILFIELDS LIMITED
2020
2019
Rupees ('000)
9.
DEFERRED LIABILITIES
Provision for deferred income tax - note 9.1
5,930,675
5,238,067
Provision for decommissioning costs - note 9.2
14,089,542
11,811,608
Provision for staff compensated absences
6,768
7,725
20,026,985
17,057,400
9.1 Provision for deferred income tax
The provision for deferred income tax represents:
Temporary differences between accounting and
tax depreciation/ amortization
6,194,355
5,494,478
Provision for stores and spares
(173,851)
(161,105)
Provision for doubtful receivable
(93)
(93)
Deferred tax on remeasurement (loss) on
staff retirement benefit plans
(89,736)
(95,213)
5,930,675
5,238,067
9.2 Provision for decommissioning costs
Balance brought forward
11,811,608
9,548,018
Revision due to change in estimates - note 9.2.1
65,806
(1,482,306)
Provision made during the year
173,660
48,385
Unwinding of discount
1,594,927
754,918
Exchange loss
611,283
3,012,047
Decommissioning cost incurred during the year
(167,742)
(69,454)
14,089,542
11,811,608
9.2.1 Revision due to change in estimates
Charged/ credited to related asset - note 14
274,982
(1,019,522)
Revision in excess of related asset credited to
statement of profit or loss - note 27
(209,176)
(462,784)
65,806
(1,482,306)