b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (Continued)Reference to the Conceptual Framework Onerous ContractsCosts of Fulfilling a Amendments to IFRS 3 ContractAmendments to IAS 37InMay2020,theIASBissuedAmendmentsto InMay2020,theIASBissuedamendmentstoIASIFRS3BusinessCombinations-Referenceto 37 to specify which costs an entity needs to include theConceptualFramework.Theamendmentsare when assessing whether a contract is onerous or intendedtoreplaceareferencetotheFramework loss-making.forthePreparationandPresentationofFinancialStatements,issuedin1989,withareferenceto TheamendmentsapplyadirectlyrelatedcosttheConceptualFrameworkforFinancialReporting approach.ThecoststhatrelatedirectlytoaissuedinMarch2018withoutsignificantlychanging contracttoprovidegoodsorservicesincludeitsrequirements. bothincrementalcostsandanallocationofcostsdirectlyrelatedtocontractactivities.GeneralandTheBoardalsoaddedanexceptiontothe administrativecostsdonotrelatedirectlytoarecognitionprincipleofIFRS3toavoidtheissueof contract and are excluded unless they are explicitly potentialday2gainsorlossesarisingforliabilities chargeabletothecounterpartyunderthecontract.andcontingentliabilitiesthatwouldbewithinthescopeofIAS37orIFRIC21Levies,ifincurred Theamendmentsareeffectiveforannualreportingseparately. periodsbeginningonorafter1January2022.TheGroup will apply these amendments to contracts for Atthesametime,theBoarddecidedtoclarify whichithasnotyetfulfilledallitsobligationsattheexisting guidance in IFRS 3 for contingent assetsbeginningoftheannualreportingperiodinwhichitthatwouldnotbeaffectedbyreplacingthe firstappliestheamendments.referencetotheFrameworkforthePreparationandPresentationofFinancialStatements. IFRS 1 First-time Adoption of International Financial Reporting StandardsSubsidiary as Theamendmentsareeffectiveforannualreporting a first-time adopterperiodsbeginningonorafter1January2022andapplyprospectively. Aspartofits2018-2020annualimprovementstoIFRSstandardsprocess,theIASBissuedProperty, Plant and Equipment: Proceedsan amendment to IFRS 1 First-time Adoption of before Intended UseAmendments to IAS 16 InternationalFinancialReportingStandards.TheInMay2020,theIASBissuedProperty,Plant amendmentpermitsasubsidiarythatelectstoapplyandEquipmentProceedsbeforeIntended paragraphD16(a)ofIFRS1tomeasurecumulativeUse,whichprohibitsentitiesdeductingfromthe translation differences using the amounts reported costofanitemofproperty,plantandequipment, bytheparent,basedontheparentsdateofany proceeds from selling items produced whiletransitiontoIFRS.Thisamendmentisalsoappliedbringingthatassettothelocationandcondition toanassociateorjointventurethatelectstoapplynecessaryforittobecapableofoperatinginthe paragraphD16(a)ofIFRS1.mannerintendedbymanagement.Instead,an Theamendmentiseffectiveforannualreportingentityrecognizestheproceedsfromsellingsuch periodsbeginningonorafter1January2022withitems,andthecostsofproducingthoseitems,in earlier adoption permitted.profitorloss.Theamendmentiseffectiveforannualreportingperiodsbeginningonorafter1January2022andmustbeappliedretrospectivelytoitemsofproperty,plantandequipmentmadeavailableforuseonorafterthebeginningoftheearliestperiodpresentedwhentheentityfirstappliestheamendment.Theamendmentsarenotexpectedtohaveamaterial impact on the Group.98 STAATSOLIE 2021 ANNUAL REPORT'