b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (Continued)2.6 STANDARDS ISSUED BUT NOT YETAmendments to IAS 1: Classification of EFFECTIVE Liabilities as Current or Non-currentThenewandamendedstandardsand InJanuary2020,theIASBissuedamendmentsinterpretationsthatareissued,butnotyet toparagraphs69to76ofIAS1tospecifytheeffective,uptothedateofissuanceoftheGroups requirementsforclassifyingliabilitiesascurrentorfinancialstatementsaredisclosedbelow.The non-current.Theamendmentsclarify:Group intends to adopt these new and amended standardsandinterpretations,ifapplicable,when Whatismeantbyarighttodefersettlement?theybecomeeffective. ThatarighttodefermustexistattheendoftheIFRS 17 Insurance Contracts reporting period.InMay2017,theIASBissuedIFRS17Insurance ThatclassificationisunaffectedbythelikelihoodContracts(IFRS17),acomprehensivenew that an entity will exercise its deferral right.accounting standard for insurance contractsThatonlyifanembeddedderivativeinacoveringrecognitionandmeasurement, presentationanddisclosure.Onceeffective,IFRS convertibleliabilityisitselfanequityinstrument17 will replace IFRS 4 Insurance Contracts (IFRSwouldthetermsofaliabilitynotimpactits4)thatwasissuedin2005.IFRS17appliesto classification.alltypesofinsurancecontracts(i.e.,life,non-life, Theamendmentsareeffectiveforannualreportingdirectinsuranceandre-insurance),regardlessof periodsbeginningonorafter1January2023andthetypeofentitiesthatissuethem,aswellasto mustbeappliedretrospectively.TheGroupiscertainguaranteesandfinancialinstrumentswith currently assessing the impact the amendments discretionary participation features. willhaveoncurrentpracticeandwhetherexistingAfewscopeexceptionswillapply.Theoverall loanagreementsmayrequirerenegotiation.objectiveofIFRS17istoprovideanaccountingmodel for insurance contracts that is more useful and consistent for insurers. In contrast to the requirementsinIFRS4,whicharelargelybasedongrandfatheringpreviouslocalaccountingpolicies,IFRS17providesacomprehensivemodelforinsurancecontracts,coveringallrelevantaccountingaspects.ThecoreofIFRS17isthegeneralmodel,supplementedby:Aspecificadaptationforcontractswithdirectparticipationfeatures(thevariablefeeapproach)Asimplifiedapproach(thepremiumallocationapproach)mainlyforshort-durationcontractsIFRS17iseffectiveforreportingperiodsbeginningonorafter1January2023,withcomparativefiguresrequired.Earlyapplicationispermitted,providedtheentityalsoappliesIFRS9andIFRS15onorbeforethedateitfirstappliesIFRS17.ThisstandardisnotapplicabletotheGroup.97'