b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (Continued)d. Lessor AccountingintheleasewhichisthepresentvalueoftheIFRS16isdeterminingwhetheranarrangement payments.contains a lease deals with arrangements that doThelessormustusetheinterestrateimplicitinnottakethelegalformofleasesbutnevertheless theleasetomeasurethenetinvestmentintheconveytherighttouseaspecificasset,suchasan lease.itemofproperty,plant,orequipmentforanagreedperiod of time.Subsequenttoinitialrecognition,alessormustrecognizefinanceincomeovertheleaseterm,A right of a purchaser to use a particular assetbasedonapatternreflectingaconstantperiodicownedbyasuppliercouldbeconveyedinawide rateofreturnonthelessorsnetinvestmentinrange of arrangements for the supply of goodsthelease(i.e.itmustusetheamortizedcostandservices,includingoutsourcingarrangements, method).arrangementsunderwhichapurchaserobtainsarighttocapacity(e.g.,theoutputofaparticular e. Investment propertiespowerplant)andtake-or-payarrangementsor Investmentpropertiesaremeasuredinitiallyatsimilar contracts.cost,includingtransactioncosts.SubsequenttoAtinceptionofacontract,anentityshouldassess initialrecognition,investmentpropertiesarestatedwhetherthecontractis,orcontains,alease.A atfairvalue,whichreflectsmarketconditionsatcontractis,orcontains,aleaseifthecontract thereportingdateatfairvaluewhereapplicable.givestherighttocontroltheuseofanidentified Gains or losses arising from changes in the fair asset(underlyingasset)foraperiodoftimein valuesofinvestmentpropertiesareincludedinexchangeforconsideration(IFRS16.9).Theright profitorlossintheperiodinwhichtheyarise,tocontroltheuseofanidentifiedassetcanbesplit including the corresponding tax effect.into:a.therighttoobtainsubstantiallyalltheeconomic Fairvaluesaredeterminedbasedonanannualbenefitsfromuseofanidentifiedassetand valuationperformedbyanaccreditedexternalindependentvaluer.b.therighttodirecttheuseofanidentifiedasset. Investmentpropertiesarede-recognizedeither(i) Right to obtain substantially all the economicwhentheyhavebeendisposedof(i.e.,atthedatebenefitstherecipientobtainscontrol)orwhentheyarepermanently withdrawn from use and no future Tocontroltheuseofanidentifiedasset,a economicbenefitisexpectedfromtheirdisposal.customerisrequiredtohavetherighttoobtain Thedifferencebetweenthenetdisposalproceedssubstantiallyalltheeconomicbenefitsfromuse andthecarryingamountoftheassetisrecognizedoftheassetduringtheperiodofuse.Themost inprofitorlossintheperiodofderecognition.obviouswayofobtainingsubstantiallyalltheeconomicbenefitsfromuseoftheassetishaving Theamountofconsiderationtobeincludedinexclusiveuseoftheassetduringtheperiodofits the gain or loss arising from the derecognition of use(IFRS16.B21-B23). investmentpropertyisdeterminedinaccordancewiththerequirementsfordeterminingtheThelesseeshouldfocusoneconomicbenefits transactionpriceinIFRS15Revenuefromarisingfromtheuseoftheasset(e.g.,obtaining contracts with customers.products),notfromtheownershipoftheasset(e.g.,taxcredits)(IFRS16.BC118). Transfersaremadeto(orfrom)investmentpropertyonly when there is a change in use. If owner-(ii)Right to direct the useoccupiedpropertybecomesaninvestmentproperty,A customer has the right to direct the use of anthe Group accounts for such property in accordance identifiedassetduringtheperiodofuseonlyif withthepolicystatedunderproperty,plantandeither(IFRS16.B24):thecustomerhastherightto equipmentuptothedateofchangeinuse.direct how and for what purpose the asset is usedf. Current versus non-current classification duringtheperiodofuse;ortherelevantdecisionsabouthowandforwhatpurposetheassetisused TheGrouppresentsassetsandliabilitiesintheare predetermined. consolidatedstatementoffinancialpositionbasedon current and non-current distinction.UnderIFRS16,lessorsaccountforfinanceleasesbyinitiallyderecognizingtheassetandrecognizingareceivableforthenetinvestment78 STAATSOLIE 2021 ANNUAL REPORT'