Page 215 - Pakistan Oilfields Limited - Annual Report 2020

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NOTES TO AND FORMING
PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
213
PAKISTAN OILFIELDS LIMITED
2020
2019
Rupees ('000)
10.
DEFERRED LIABILITIES
Provision for deferred income tax - note 10.1
5,831,957
5,466,454
Provision for decommissioning costs - note 10.2
14,089,542
11,811,608
Provision for staff compensated absences
6,768
7,725
Provision for un-funded gratuity plan - CAPGAS
5,642
5,510
19,933,909
17,291,297
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
6,095,637
5,722,865
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)
5,831,957
5,466,454
10.2 Provision for decommissioning costs
Balance brought forward
11,811,608
9,548,018
Revision due to change in estimates - note 10.2.1
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
10.2.1 Revision due to change in estimates
Credited to related asset - note 15
274,982
(1,019,522)
Revision in excess of related asset credited to
statement of profit or loss - note 29
(209,176)
(462,784)
65,806
(1,482,306)