b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 (Continued)thediscountratethatreflectscurrentmarket liabilities. Uncertainty about these assumptions and assessmentsandtherisksspecifictothe estimatescouldresultinoutcomesthatrequirealiability.Theperiodicunwindingofthediscountis materialadjustmenttothecarryingamountofassetrecognizedintheconsolidatedstatementofprofit or liability affected in future periods.orlossasafinancecost.Judgmentsu. Pensions and other postemployment benefitsIntheprocessofapplyingtheGroupsaccountingpolicies,managementhasmadethefollowingTheGroupoperatesdefinedbenefitpension judgments,whichhavethemostsignificanteffectplans.Re-measurements,comprisingofactuarial ontheamountsrecognizedintheconsolidatedgainsandlosses,theeffectoftheassetceiling financialstatements:(excluding amounts included in net interest on thenetdefinedbenefitliability)andthereturn Investment in Joint Ventureon plan assets (excluding amounts includedJudgmentisrequiredtodeterminewhentheinnetinterestonthenetdefinedbenefit Grouphasjointcontroloveranarrangement,liability),arerecognizedimmediatelyinthe whichrequiresanassessmentoftherelevantconsolidatedstatementoffinancialpositionwitha activities and when the decisions in relation to corresponding debit or credit to retained earningsthoseactivitiesrequireunanimousconsent.through OCI in the period in which they occur.TheGrouphasdeterminedthattherelevantRe-measurementsarenotreclassifiedtoprofitor activitiesforitsjointarrangementsarethoselossinsubsequentperiods.Inaddition,theGroup relating to the operating and capital decisions of operatesotherlong-termemployeebenefitplans, thearrangement,includingtheapprovaloftheofwhichthere-measurementsarerecognized annual capital and operating expenditure work intheprofitorloss.Furthermore,forboththe programandbudgetforthejointarrangement,definedbenefitpensionplansandtheotherlong- and the approval of chosen service providers termemployeebenefitplanspastservicecosts foranymajorcapitalexpenditureasrequiredbyarerecognizedinprofitorlossontheearlierof: thejointoperatingagreementsapplicabletotheThedateoftheplanamendmentorcurtailment entitysjointarrangements.TheconsiderationsmadeindeterminingjointcontrolaresimilarAnd to those necessary to determine control over subsidiaries,assetoutinSection2.3b.JudgmentThedateonwhichtheGrouprecognizesrelated isalsorequiredtoclassifyajointarrangement.restructuring costs ClassifyingthearrangementrequirestheGrouptoNet interest is calculated by applying the discountassess their rights and obligations arising from the ratetothenetdefinedbenefitliabilityorasset.The arrangement.Specifically,theGroupconsiders:Grouprecognizesthefollowingchangesinthe Thestructureofthejointarrangementwhetheritnetdefinedbenefitobligationundercostofsales, is structured through a separate vehiclegeneralandadministrativeexpensesandsellinganddistributionexpensesintheconsolidated Whenthearrangementisstructuredthroughastatementofprofitorloss(byfunction): separatevehicle,theGroupalsoconsiderstherightsandobligationsarisingfrom:Service costs comprising current service costs,past-servicecosts,gainsandlossesonThelegalformoftheseparatevehiclecurtailments and non-routine settlements. Thetermsofthecontractualarrangement Net interest expense or income. Otherfactsandcircumstances,consideredona case by case basis2.4 SIGNIFICANT ACCOUNTING JUDGMENTS,ThisassessmentoftenrequiressignificantESTIMATES AND ASSUMPTIONSjudgment.AdifferentconclusionaboutbothjointcontrolandwhetherthearrangementisaThepreparationoftheGroupsconsolidated jointoperationorajointventure,maymateriallyfinancialstatementsrequiresmanagementtomake impact the accounting treatment.judgments,estimatesandassumptionsthataffect Revenue from contracts with customersthereportedamountsofrevenues,expenses,assetsandliabilities,andtheaccompanying TheGroupappliedthefollowingjudgementsdisclosures,andthedisclosureofcontingent thatsignificantlyaffectthedeterminationofthe70 STAATSOLIE 2020 ANNUAL REPORT'