PADMA OIL COMPANY LIMITED

CHANGES IN THE FINANCIAL STATEMENT OVER THE YEAR

This company never follows the BFRS as their standards. The company is using International
Accounting Standards (IAS) in preparing the financial statements as well as preparing the
report.

SUMMIT POWER LIMITED (SPL)

COMPARISON BETWEEN FINANCIAL STATEMENTS OVER THE YEAR
We have taken the financial statements from 2006 to 2012, of Summit Power Limited (SPL), for
finding changes between after and before application of IFRS or BFRS.
1. Changes in Statements: In the annual report of 2006, there is no consolidated statement
of Balance Sheet, Income Statement, Change in Equity, Cash Flow Statement. But in
2007 to onwards, there are the all statements. Because BFRS says to prepare the
statements before the application of BAS in which the consolidated and the separated
statement are included in annual report from 2008.
2. Statement of Compliance: The financial statements have been prepared in 2007 to
onwards in accordance with Bangladesh Accounting Standards (BAS) and Bangladesh
Financial Reporting Standards (BFRS) where in 2006 were only in accordance with
Bangladesh Accounting Standards (BAS) and as per requirements of Securities Exchange
Rules 1987 and the Companies Act 1994.
3. Basis of Measurement of Assets: Financial statements have been prepared on the
historical cost basis both in 2006 and 2007. Exceptions are property, plant and equipment
where foreign exchange gain or loss arising from debts incurred to finance the assets is
adjusted against the value of the assets, as per Companies Act 1994 and financial assets
and liabilities which are presented at carrying amount. BFRS 9, 15 are applied here.
4. Impaired Losses: As the company followed BAS for preparing the previous statements
in annual report, so impairment is already in BAS-36.
5. Use of estimates and judgment: The preparation of financial statements in conformity
with BAS/BFRS requires management to make judgments, estimates and assumptions
that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Before applying BFRS, Estimates and underlying
assumptions are reviewed on an ongoing basis. After applying BFRS, the company found
that actual results may differ from these estimates. Estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in
the period in which the estimates are revised and in any future periods affected.

In particular, information about significant areas of estimation uncertainty and critical

judgments in applying accounting policies that have the most significant effect on the
amount recognized in the financial statements are described in the following notes:
Note-25

: Lease classification

Note-30

: Other creditors and accruals

Note-5.1

: Depreciation

Note- 7

: Amortization

6. Classification of Exploration and evaluation of assets: Summit power has already

disclosed in every year exploration and evaluation assets as a separate class of assets and
made disclosures required by either BAS 16 or BAS 38 consistent with how the assets are
classified.
7. Summit Power Limited reported environmental & compliance cost under general and
administrative expenses and disclosed any exact quantitative facts on expenditure
incurred and targets set and achieved.

EASTERN LUBRICANTS
COMPARISON BETWEEN FINANCIAL STATEMENTS OVER THE YEAR
1. Statement of compliance: After considering BFRS with BAS, the financial statements
have been prepared under historical cost convention in compliance with Bangladesh
Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS) and
in accordance with the relevant requirements of the Schedule to the Securities and
Exchange Rules-1987, inconformity with the Companies Act-1 994 and other relevant
laws.
Classification of Exploration and evaluation of assets: Eastern Lubricants has already
disclosed in every year exploration and evaluation assets as a separate class of assets and made
disclosures required by either BAS 16 or BAS 38 consistent with how the assets are classified.