b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 (Continued)Amendments to IAS 1 and IAS 8 Definition ofAmendments to IFRS 16 Covid-19 Related Rent Material ConcessionsTheamendmentsprovideanewdefinitionof On28May2020,theIASBissuedCovid-19-materialthatstates,informationismaterial Related Rent Concessionsamendment to IFRS ifomitting,misstatingorobscuringitcould 16 Leases.reasonablybeexpectedtoinfluencedecisionsthattheprimaryusersofgeneral-purposefinancial Theamendmentsproviderelieftolesseesfromstatementsmakeonthebasisofthosefinancial applyingIFRS16guidanceonleasemodificationstatements,whichprovidefinancialinformation accounting for rent concessions arising as a direct aboutaspecificreportingentity.Theamendments consequenceoftheCovid-19pandemic.Asaclarify that materiality will depend on the naturepracticalexpedient,alesseemayelectnottoormagnitudeofinformation,eitherindividually assesswhetheraCovid-19relatedrentconcessionorincombinationwithotherinformation,inthe fromalessorisaleasemodification.Alesseethatcontextofthefinancialstatements.Amisstatement makes this election accounts for any change in of information is material if it could reasonablyleasepaymentsresultingfromtheCovid-19relatedbeexpectedtoinfluencedecisionsmadebythe rent concession the same way it would account for primaryusers.Theseamendmentshadnoimpact thechangeunderIFRS16,ifthechangewerenotontheconsolidatedfinancialstatementsof,nor aleasemodification.is there expected to be any future impact to theTheamendmentappliestoannualreportingGroup. periodsbeginningonorafter1June2020.EarlierConceptual Framework for Financial Reportingapplicationispermitted.Thisstandardisnotissued on 29 March 2018 applicable to the Group.TheConceptualFrameworkisnotastandard,and Standards issued but not yet effectivenone of the concepts contained therein overrideThenewandamendedstandardsandtheconceptsorrequirementsinanystandard. interpretationsthatareissued,butnotyeteffective,ThepurposeoftheConceptualFrameworkisto uptothedateofissuanceoftheGroupsfinancialassisttheIASBindevelopingstandards,tohelp statementsaredisclosedbelow.TheGroupintendspreparers develop consistent accounting policiesto adopt these new and amended standards and where there is no applicable standard in place andinterpretations,ifapplicable,whentheybecometo assist all parties to understand and interpreteffective.thestandards.Thiswillaffectthoseentitieswhichdeveloped their accounting policies based on the ConceptualFramework.TherevisedConceptualFrameworkincludessomenewconcepts,updateddefinitionsandrecognitioncriteriaforassetsandliabilitiesandclarifiessomeimportantconcepts.TheseamendmentshadnoimpactontheconsolidatedfinancialstatementsoftheGroup.76 STAATSOLIE 2020 ANNUAL REPORT'