b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (Continued)(iv) Transportation servicesg. Other incomeInsomecases,theGroupprovidestransportation Interest incomeservicesaspartofcontractswithcustomerswhenprovidingoilproducts.Transportationservicesare Forallfinancialinstrumentsmeasuredatnot considered a distinct performance obligationamortizedcost,interestincomeisrecordedusingsincethisservicetotheclientisnotconsidered theeffectiveinterestrate(EIR).TheEIRisthetobeseparatelyidentifiablefromthesaleofoil rate that exactly discounts the estimated future productstothecustomer,theseareconsidered cashreceiptsovertheexpectedlifeofthefinancialhighly interrelated.instrumentorashorterperiod,whereappropriate,tothenetcarryingamountofthefinancialasset.(v) Equipment rentalInterestincomeisincludedinfinanceincomeinTheGroupmakesequipmentavailabletothe theconsolidatedstatementofprofitorloss.customersaspartofcontractswithcustomers Dividendswhenprovidingoilproducts.Equipmentrentalisnot considered a separate performance obligationRevenueisrecognizedwhentheGroupsrightsincethisservicetotheclientisnotconsidered toreceivethepaymentisestablished,whichistobeseparatelyidentifiablefromthesaleofoil generallywhenshareholdersapprovethedividend.productstothecustomer,theseareconsidered h. Foreign currencies highly interrelated. (vi) Contract balancesTheconsolidatedfinancialstatementsarepresentedinUnitedStatesdollars(US$),whichContract assets isalsotheGroupsfunctionalcurrencyandpresentation currency. Each entity in the Group A contract asset is the right to consideration indeterminesitsownfunctionalcurrencyanditemsexchangeforgoodsorservicestransferredtothe includedinthefinancialstatementsofeachentitycustomer. If the Group performs by transferringismeasuredusingthatfunctionalcurrency.Withingoodsorservicestoacustomerbeforethe theGroup,GOw2sfunctionalcurrencychangedcustomer pays consideration or before payment isfromUS$totheSurinamesedollars(SRD)due,acontractassetisrecognizedfortheearned effectiveJanuary1,2016.Thischangearoseconsideration that is conditional.duetothechangeinmajorcontractspreviouslydenominatedinUS$toSRD.Therefore,asitTrade receivablesrelatestoGOw2,transactionsareinitiallyrecordedAreceivablerepresentstheGroupsrighttoan inthefunctionalcurrency(beingSRD)attherateamount of consideration that is unconditionalof exchange ruling at the date of the transaction. (i.e.,onlythepassageoftimeisrequiredbefore (i) Transactions and balancespayment of the consideration is due). Contract liabilities TransactionsinforeigncurrenciesareinitiallyrecordedbytheGroupentitiesattheirrespectiveA contract liability is the obligation to transferfunctional currency rate ruling at the date of goodsorservicestoacustomerforwhichthe thetransaction.MonetaryassetsandliabilitiesGrouphasreceivedconsideration(oranamount denominated in foreign currencies are re-of consideration is due) from the customer. If atranslated at the functional currency rate of customer pays consideration before the Groupexchange ruling at the reporting date.transfersgoodsorservicestothecustomer,a Non-monetary assets and liabilities are translated contractliabilityisrecognizedwhenthepaymentis usingexchangeratesthatexistedwhenthemade,orthepaymentisdue(whicheverisearlier). valuesweredetermined.ExchangedifferencesContractliabilitiesarerecognizedasrevenue on settlement or translation of monetary items are whentheGroupperformsunderthecontract. recognizedintheconsolidatedstatementofprofitor loss.45'