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1. Legal status and operations
2. Basis of preparation
2.1 Changes in accounting standards, interpretations and pronouncements
Pakistan Oilfields Limited (the Company) is incorporated in Pakistan as a public limited
company and its shares are quoted on Pakistan Stock Exchange Limited. The registered
office of the Company is situated at Morgah, Rawalpindi. The Company is principally
engaged in exploration, drilling and production of crude oil and gas in Pakistan. Its activities
also include marketing of liquefied petroleum gas under the brand name POLGAS and
transmission of petroleum. The Company is a subsidiary of TheAttock Oil Company Limited,
UK and its ultimate parent is Coral Holding Limited.
These condensed interim financial statements have been prepared in accordance with the
accounting and reporting standards as applicable in Pakistan for interim financial reporting.
The accounting and reporting standards as applicable in Pakistan for interim financial
reporting comprise of:
- International accounting standard (IAS) 34, Interim Financial Reporting, issued by the
International Accounting Standards Board (IASB) as notified under the CompaniesAct,
2017; and
- Provisions of and directives issued under the CompaniesAct, 2017.
Where provisions of and directives issued under the Companies Act, 2017 differ from the
requirements of IAS 34, the provisions of and directives issued under the Companies Act,
2017 have been followed.
These condensed interim financial statements do not include all the information required for
full financial statements and should be read in conjunction with the annual financial
statements for the year ended June 30, 2019.
Standards, interpretations and amendments to published approved accounting
standards that are effective and relevant
'IFRS 16 ‘Leases’ - IFRS 16 replaces the previous lease standard: IAS 17 Leases. It will
result in almost all leases being recognised on the statement of financial position, as the
distinction between operating and finance leases is removed. Under the new standard,
an asset (the right to use the leased item) and a financial liability to pay rentals are
recognised. The only exceptions are short termand low value leases.
The changes laid down by this standard do not have any significant impact on these
financial statements of the Company.
Notes to and forming part of the Condensed Interim
Financial Statements (Unaudited)
For the three months period ended September 30, 2019
16