b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (Continued)SECTION 2. TherelevantactivitiesarethosewhichsignificantlyBASIS OF PREPARATION AND OTHERaffectthesubsidiarysreturns.TheabilitytoSIGNIFICANT ACCOUNTING POLICIES approvetheoperatingandcapitalbudgetofa subsidiary and the ability to appoint key management personnel are decisions that 2.1 BASIS OF PREPARATIONdemonstrate that the Group has the existing rights todirecttherelevantactivitiesofasubsidiary.TheconsolidatedfinancialstatementsofStaatsolie TheGroupreassesseswhetherornotitcontrolsasagrouphavebeenpreparedinaccordance aninvesteeiffactsandcircumstancesindicatewithInternationalFinancialReportingStandards that there are changes to one or more of the three (IFRS)asissuedbytheInternationalAccounting elements of control. Consolidation of a subsidiary Standards Board (IASB). beginswhentheGroupobtainscontrolovertheTheconsolidatedfinancialstatementshavebeen subsidiaryandceaseswhentheGrouplosespreparedonahistoricalcostbasis,exceptfor controlofthesubsidiary.Assets,liabilities,incomefinancialinstrumentsthathavebeenmeasured andexpensesofasubsidiaryacquiredordisposedatfairvalue.Theconsolidatedstatementsare of during the year are included in the consolidated presentedinUSdollars,andallvaluesare financialstatementsfromthedatetheGroupgainsroundedtothenearestthousand(US$1,000), control until the date the Group ceases to control exceptwhenotherwiseindicated. thesubsidiary.WheretheGroupsinterestislessthan100percent,theinterestattributabletooutsideshareholdersisreflectedinnon-controlling2.2 BASIS OF CONSOLIDATION interest (NCI).ProfitorlossandeachcomponentofotherTheconsolidatedfinancialstatementscomprisethe comprehensiveincome(OCI)areattributedtothefinancialstatementsofStaatsolieanditscontrolled equityholdersoftheparentoftheGroupandtosubsidiariesasatDecember31,2019and2018. theNCI,evenifthisresultsintheNCIhavingaControlisachievedwhentheGroupisexposed,or deficitbalance.Whennecessary,adjustmentsarehasrights,tovariablereturnsfromitsinvolvement madetothefinancialstatementsofsubsidiarieswiththeinvesteeandhastheabilitytoaffect tobringtheiraccountingpoliciesintolinewiththethosereturnsthroughitspowerovertheinvestee. Groupsaccountingpolicies.Specifically,theGroupcontrolsaninvesteeif,and Allintragroupassetsandliabilities,equity,income,onlyif,theGrouphasallofthefollowing: expensesandcashflowsrelatingtotransactionsbetweenmembersoftheGroupareeliminatedin1.Powerovertheinvestee(i.e.existingrightsthat full on consolidation.giveitthecurrentabilitytodirecttherelevant Achangeintheownershipinterestofasubsidiary,activitiesoftheinvestee); withoutalossofcontrol,isaccountedforasan2.Exposureorrightstovariablereturnsfromits equitytransaction.involvementwiththeinvestee; IftheGrouplosescontroloverasubsidiary,3.T heabilitytouseitspowerovertheinvesteeto itderecognizestherelatedassets(includingaffect its returns. goodwill),liabilities,non-controllinginterestandothercomponentsofequitywhileanyresultantGenerally,thereisapresumptionthatamajority gainorlossisrecognizedinprofitorloss.Anyofvotingrightsresultincontrol.Tosupportthis investmentretainedisrecognizedatfairvalue.presumptionandwhentheGrouphaslessthanamajorityofthevotingorsimilarrightsofaninvestee,itconsidersallrelevantfactsandcircumstancesinassessingwhetherithaspoweroveraninvestee,includingThecontractualarrangement(s)withtheothervoteholdersoftheinvestee;Rightsarisingfromothercontractualarrangements;TheGroupsvotingrightsandpotentialvotingrights.41'