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NOTES TO AND FORMING
PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
197
PAKISTAN OILFIELDS LIMITED
In applying IFRS 16 for the first time, the Group has used the following practical expedient permitted
by the standard:
- the accounting for operating leases with a remaining lease term of less than 12 months as at
July 1, 2019 as short-term leases
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 Group 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 Group:
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 and errors
(Amendments)
January 1, 2020
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 no material impact on the financial statements other than in presentation
/ disclosures.