Basic HTML Version
NOTES TO AND FORMING
PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
241
PAKISTAN OILFIELDS LIMITED
Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio.
The gearing ratio of the Group has always been low and the Group has mostly financed its projects
and business expansions through equity financing. Further, the Group is not subject to externally
imposed capital requirements.
39.3.3 Fair value of financial assets and liabilities
The carrying values of all financial assets and liabilities reflected in the financial statements
approximate their fair values. The table below analyzes financial assets that are measured at fair
value, by valuation method. The different levels have been defined as follows:
- Level 1 : Quoted prices in active markets for identical assets and liabilities;
- Level 2 : Observable inputs ; and
- Level 3 : Unobservable inputs
The Group held the following financial assets at fair value:
Level 1
Level 2
Level 3
Total
Rupees ('000)
June 30, 2020
Other financial assets classified as
fair value through profit or loss
6,519
-
-
6,519
June 30, 2019
Other financial assets classified as
fair value through profit or loss
813,478
-
-
813,478
40.
STAFF RETIREMENT BENEFITS
The details of actuarial valuation of defined benefit funded plans carried out as at year end are as
follows:
40.1
Funded gratuity and pension plan