b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (Continued)2.3 SUMMARY OF SIGNIFICANT ACCOUNTINGb. Joint arrangementsPOLICIES AjointarrangementisanarrangementoverwhichThefollowingarethesignificantaccounting twoormorepartieshavejointcontrol.Jointcontrolpolicies applied in preparing its consolidatedis the contractually agreed sharing of control financialstatements: overanarrangementwhichexistsonlywhena. Intangible assets and goodwillthedecisionsabouttherelevantactivities(beingthosethatsignificantlyaffectthereturnsoftheIntangibleassetsacquiredseparatelyare arrangement)requiretheunanimousconsentofmeasuredoninitialrecognitionatcost.The the parties sharing control. costofintangibleassetsacquiredinabusiness TheGroupsjointarrangementsareoftwotypes:combinationistheirfairvalueatthedateofacquisition.Followinginitialrecognition,intangible (i) Joint operations assets are carried at cost less any accumulated amortization(calculatedonastraight-line InApril2020,Staatsolieenteredintoanbasisovertheirusefullives)andaccumulated UnincorporatedJointVenture(UJV)withRosebelimpairmentlosses,ifany. GoldMinesN.V.(Rosebel)namedPikinSaramacca.Theusefullivesofintangibleassetsareassessedaseitherfiniteorindefinite. TheUJVisgovernedbytheMineralAgreementdatedApril7,1994,asamended,theUJVIndefinitelivedintangibles,suchasgoodwill, agreementandtheAccountingmanualbotharenotamortized,insteadtheyaretestedfor signedonApril22,2020.InthisUJV,theimpairmentannuallyasaminimum,orwhenthere participatinginterestis30%forStaatsolieand70%are indicators of impairment. forRosebelandthelatterhasbeenappointedasWhentheGroupacquiresabusiness,itassesses theUJVoperator.thefinancialassetsandliabilitiesassumedfor Rosebel,establishedonMay8,2002,isaappropriateclassificationanddesignationin subsidiaryofIAMGOLDCorporation.accordancewiththecontractualterms,economiccircumstances and pertinent conditions as at theTheUJVPikinSaramaccaencompassestheacquisitiondate.Totheextentthatthecostof exploration,development,andexploitationofgoldacquiringanequityinvestmentexceedsthefair intheUJVareaexceptfortheGrossRosebelvalueofthenetassetsacquired,theexcessis Concession.CurrentlytheUJVPikinSaramaccarecordedasgoodwill.Currently,theGroupcarries comprises of 7 exploration rights and 1 exploitation goodwillonthebooksrelatedtotheacquisitionof right,namelySaramaccaConcession.GOw2whichoccurredinfiscalyear2011. TheSaramaccaConcessionislocated25Intangibleassetswithfinitelivesareamortized kilometerssouthwestofitsRosebelMillingovertheusefuleconomiclifeandassessed facilityand125kilometerssouthofParamaribo,forimpairmentwheneverthereisanindication Suriname. thattheintangibleassetmaybeimpaired.The Ajointoperationisatypeofjointarrangementamortizationperiodandtheamortizationmethod wherebythepartiesthathavejointcontrolofforanintangibleassetwithafiniteusefullifeis thearrangementhaverightstotheassetsandreviewedatleastattheendofeachreporting obligationsfortheliabilities,relatingtotheperiod. Changes in the expected useful life orarrangement.the expected pattern of consumption of future economicbenefitsembodiedintheassetare Inrelationtoitsinterestsinjointoperations,theconsideredtomodifytheamortizationperiod Grouprecognizesits:ormethod,asappropriate,andaretreatedaschangesinaccountingestimates.Theamortization Assets,includingitsshareofanyassetsheldexpenseonintangibleassetswithfinitelivesis jointly.recognizedinthestatementofprofitorlossinthe expense category that is consistent with theLiabilities,includingitsshareofanyliabilitiesfunctionoftheintangibleassets. incurredjointly.Gains or losses arising from derecognition ofRevenuefromthesaleofitsshareoftheoutputanintangibleasset,ifany,aremeasuredasthe arisingfromthejointoperation.differencebetweenthenetdisposalproceedsand the carrying amount of the asset and areShareoftherevenuefromthesaleoftheoutputrecognizedinthestatementofprofitorlosswhen bythejointoperation.theassetisderecognized.76 STAATSOLIE 2021 ANNUAL REPORT'