b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 (Continued)Allotherassetsareclassifiedasnon-current. ForassetsandliabilitiesthatarerecognizedintheAliabilityiscurrentwhen: consolidatedfinancialstatementsatfairvalueonarecurringbasis,theGroupdetermineswhether1. I t is expected to be settled in the normaltransfers have occurred between levels in the operating cycle; hierarchybyre-assessingcategorization(basedonthelowestlevelinputthatissignificanttothe2.It is held primarily for the purpose of trading; fair value measurement as a whole) at the end of each reporting period.3. I t is due to be settled within twelve months afterh. Revenue from contracts with customers thereportingperiod,or4.Thereisnounconditionalrighttodeferthe Revenue from contracts with customers is settlement of the liability for at least twelverecognizedwhencontrolofthegoodsorservicesmonthsafterthereportingperiod.TheGroup are transferred to the customer at an amount classifiesallotherliabilitiesasnon-current. thatreflectstheconsiderationtowhichtheGroupexpects to be entitled in exchange for those goods Deferredtaxassetsandliabilitiesareclassifiedas orservices.TheGrouphasgenerallyconcludednon-current assets and liabilities. thatitistheprincipalinitsrevenuearrangements,because it typically controls the goods or services g. Fair value measurement before transferring them to the customer.TheGroupmeasuresfinancialinstruments Sale of oil products, thermal & hydro energy and andnon-financialassets,atfairvalueateach goldreporting date. Fair value is the price that wouldRevenue from the sale of oil products is be received to sell an asset or paid to transfer arecognizedwhenthesignificantrisksandrewardsliability in an orderly transaction between marketofownershiphavebeentransferred,whichisparticipantsatthemeasurementdate.Thefair considered to occur when title passes to the value of an asset or a liability is measured usingcustomer.Thisgenerallyoccurswhentheproductthe assumptions that market participants wouldisphysicallytransferredintoavessel,pipeorotherusewhenpricingtheassetorliability,assuming delivery mechanism.that market participants act in their economic best interest. A fair value measurement of aRevenues are recorded from the sales of thermal non-financialassettakesintoaccountamarket & hydro energy when the product is delivered at participantsabilitytogenerateeconomicbenefits afixedordeterminableprice,titlehastransferred,fromtheassetshighestandbestuseorbyselling and collectability is reasonably assured.ittoanothermarketparticipantthatwouldutilizetheassetinitshighestandbestuse.TheGroup Salesbetweengroupcompanies,asdisclosedusesvaluationtechniquesthatareappropriatein insection3.1segmentinformation,arebasedthecircumstancesandforwhichsufficientdataare onpricesgenerallyequivalenttocommerciallyavailabletomeasurefairvalue,maximizingthe available prices.useofrelevantobservableinputsandminimizingthe use of unobservable inputs. All assets andTheGroupconsiderswhetherthereareotherliabilities for which fair value is measured orpromises in the contract that are separate disclosedintheconsolidatedfinancialstatements performance obligations to which a portion arecategorizedwithinthefairvaluehierarchy, of the transaction price needs to be allocated describedasfollows,basedonthelowest (e.g.,warranties).Indeterminingthetransactionlevelinputthatissignificanttothefairvalue price,theGroupconsiderstheeffectsofvariablemeasurementasawhole: consideration,theexistenceofsignificantfinancingLevel1Quoted(unadjusted)marketpricesin components,andconsiderationpayabletotheactive markets for identical assets or liabilities. customer (if any). L evel2Valuationtechniquesforwhichthe Sale of thermal & hydro energy generation lowestinputthatissignificanttothefairvalue products comprises of revenue earned from the measurement is directly or indirectly observable.provision of electricity and steam to Staatsolie RefineryOperationsandelectricitytotheLevel3Valuationtechniquesforwhichthe Government of Suriname (GoS) who is the only lowestlevelinputthatissignificanttothefair third-party customer. Revenues are generally value measurement is unobservable.recognizedwhenSPCSfulfillsitsperformanceobligationbytransferringtheaffirmedgoods59'