55-80 - Attock Refinery Limited Notes to and Forming Part...

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Attock Refinery Limited Annual Report 2009 55 for the year ended June 30, 2009 1. LEGAL STATUS AND OPERATIONS 2. STATEMENT OF COMPLIANCE 3. ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS Attock Refinery Limited (the Company) was incorporated in Pakistan on November 8, 1978 as a private limited company and was converted into a public company on June 26, 1979. The registered office of the company is situated at Morgah, Rawalpindi. Its shares are quoted on the Karachi, Lahore and Islamabad Stock Exchanges in Pakistan. It is principally engaged in the refining of crude oil. The company is subsidiary of the Attock Oil Company Limited, UK and its ultimate parent is Bay View International Group S.A. These are separate financial statements of the Company. These financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board as are notified under the Companies Ordinance, 1984, provisions of and directives issued under the Companies Ordinance, 1984. In case requirements differ, the provisions or directives of the Companies Ordinance, 1984 shall prevail. Standards, amendments and interpretations effective during the year and adopted by the Company In the current year, the Company has adopted IFRS 7 - Financial Instruments: Disclosure. Adoption of this standard only impacts the format and extent of disclosures as presented in note 36 to the financial statements. Standards, amendments and interpretations effective during the year but not relevant IAS 29 Financial Reporting in Hyperinflationary Economies IFRIC 7 Applying the Restatement Approach under IAS 29 IFRIC 11 Group and Treasury Share Transactions IFRIC 13 Customer Loyalty Programmes IFRIC 14 IAS 19 - The Limit on a defined benefit asset, minimum funding requirements and their interaction Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Company IFRS 1 First time adoption of IFRS (Revised) July 1, 2009 IFRS 2 Share-based payment (Amendments) January 1, 2009 IFRS 3 Business combinations (Revised) July 1, 2009 IFRS 4 Insurance contracts (Amendments) January 1, 2009 IFRS 5 Non-current assets held-for-sale and discontinued operations (Amendments) January 1, 2009 IFRS 7 Financial instruments: Disclosure (Amendments) January 1, 2009 IFRS 8 Operating segments January 1, 2009 IAS 1 Presentation of financial statements (Revised) January 1, 2009 IAS 7 Statement of cash flows (Amendments) January 1, 2009 IAS12 Income taxes (Amendments) January 1, 2009 IAS 16 Property, plant and equipment (Amendments) January 1, 2009 IAS 18 Revenue (Amendments) January 1, 2009 IAS 19 Employee benefits (Amendments) January 1, 2009 IAS 20 Government grants and disclosure of government assistance (Amendments) January 1, 2009 IAS 21 The effects of changes in foreign exchange rates (Amendments)
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55-80 - Attock Refinery Limited Notes to and Forming Part...

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