b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 (Continued)Theamendmentiseffectiveforannualreporting IFRS 9 Financial InstrumentsFees in the 10 periodsbeginningonorafter1January2022and per cent test for derecognition of financial mustbeappliedretrospectivelytoitemsofproperty, liabilitiesplantandequipmentmadeavailableforuseonorafter the beginning of the earliest period presentedAspartofits2018-2020annualimprovementswhentheentityfirstappliestheamendment.The to IFRS standards process the IASB issued amendments are not expected to have a materialamendmenttoIFRS9.Theamendmentclarifiesimpact on the Group. the fees that an entity includes when assessing whetherthetermsofanewormodifiedfinancialOnerous ContractsCosts of Fulfilling aliability are substantially different from the terms ContractAmendments to IAS 37 oftheoriginalfinancialliability.ThesefeesincludeInMay2020,theIASBissuedamendmentstoIAS only those paid or received between the borrower 37tospecifywhichcostsanentityneedstoinclude andthelender,includingfeespaidorreceivedbywhen assessing whether a contract is onerous oreithertheborrowerorlenderontheothersbehalf.loss-making. AnentityappliestheamendmenttofinancialliabilitiesthataremodifiedorexchangedonorafterTheamendmentsapplyadirectlyrelatedcost the beginning of the annual reporting period in approach.Thecoststhatrelatedirectlytoa whichtheentityfirstappliestheamendment.contract to provide goods or services includeTheamendmentiseffectiveforannualreportingboth incremental costs and an allocation of costsperiodsbeginningonorafter1January2022withdirectly related to contract activities. General andearlieradoptionpermitted.TheGroupwillapplyadministrative costs do not relate directly to atheamendmentstofinancialliabilitiesthatarecontract and are excluded unless they are explicitlymodifiedorexchangedonorafterthebeginningofchargeable to the counterparty under the contract. theannualreportingperiodinwhichtheentityfirstTheamendmentsareeffectiveforannualreporting appliestheamendment.Theamendmentsarenotperiodsbeginningonorafter1January2022.The expected to have a material impact on the Group.Group will apply these amendments to contracts forIAS 41 AgricultureTaxation in fair value whichithasnotyetfulfilledallitsobligationsatthe measurementsbeginning of the annual reporting period in which it firstappliestheamendments. Aspartofits2018-2020annualimprovementsto IFRS standards process the IASB issued IFRS 1 First-time Adoption of InternationalamendmenttoIAS41Agriculture.TheamendmentFinancial Reporting StandardsSubsidiary asremovestherequirementinparagraph22ofIASa first-time adopter 41thatentitiesexcludecashflowsfortaxationAspartofits2018-2020annualimprovements when measuring the fair value of assets within the toIFRSstandardsprocess,theIASBissued scope of IAS 41.an amendment to IFRS 1 First-time AdoptionAn entity applies the amendment prospectively to of International Financial Reporting Standards.fair value measurements on or after the beginning Theamendmentpermitsasubsidiarythat ofthefirstannualreportingperiodbeginningelectstoapplyparagraphD16(a)ofIFRS1 onorafter1January2022withearlieradoptionto measure cumulative translation differencespermitted. usingtheamountsreportedbytheparent,basedontheparentsdateoftransitiontoIFRS.This TheamendmentsarenotapplicabletotheGroup.amendmentisalsoappliedtoanassociateorjointventurethatelectstoapplyparagraphD16(a)ofIFRS 1. Theamendmentiseffectiveforannualreportingperiodsbeginningonorafter1January2022withearlier adoption permitted.78 STAATSOLIE 2020 ANNUAL REPORT'