b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (Continued)(vi) Contract balancesGOw2sfunctionalcurrencychangedfromUS$toContract assets theSurinamesedollars(SRD)effectiveJanuary1,2016.ThischangearoseduetothechangeA contract asset is the right to consideration ininmajorcontractspreviouslydenominatedinexchangeforgoodsorservicestransferredtothe US$toSRD.Therefore,asitrelatestoGOw2,customer.IftheGroupperformsbytransferring transactions are initially recorded in the functional goodsorservicestoacustomerbeforethe currency(beingSRD)attherateofexchangecustomerpaysconsiderationorbeforepaymentis ruling at the date of the transaction.due,acontractassetisrecognizedfortheearned (i) Transactions and balancesconsideration that is conditional. TransactionsinforeigncurrenciesareinitiallyTrade receivablesrecordedbytheGroupentitiesattheirrespectiveAreceivablerepresentstheGroupsrighttoan functional currency rate ruling at the date of amount of consideration that is unconditionalthetransaction.Monetaryassetsandliabilities(i.e.,onlythepassageoftimeisrequiredbefore denominated in foreign currencies are re-paymentoftheconsiderationisdue). translated at the functional currency rate of exchange ruling at the reporting date.Contract liabilities Non-monetaryassetsandliabilitiesaretranslatedAcontractliabilityistheobligationtotransfer using exchange rates that existed when the goodsorservicestoacustomerforwhichthe valuesweredetermined.ExchangedifferencesGrouphasreceivedconsideration(oranamount on settlement or translation of monetary items are ofconsiderationisdue)fromthecustomer.Ifa recognizedintheconsolidatedstatementofprofitcustomerpaysconsiderationbeforetheGroup or loss.transfersgoodsorservicestothecustomer,a (ii) Foreign subsidiariescontractliabilityisrecognizedwhenthepaymentismade,orthepaymentisdue(whicheverisearlier). As at the reporting date for consolidation Contractliabilitiesarerecognizedasrevenue purposes,theassetsandliabilitiesofforeignwhen the Group performs under the contract.subsidiariesaretranslatedintothepresentationi.Other income currency of the Group at the rate of exchange rulingatthereportingdateand,theirstatementsInterest income ofprofitorlossaretranslatedattheweightedaverageexchangeratesfortheyear.TheForallfinancialinstrumentsmeasuredat exchange differences arising on the translation amortizedcost,interestincomeisrecordedusing aretakendirectlytoothercomprehensiveincome.theeffectiveinterestrate(EIR).TheEIRisthe Ondisposalofaforeignentity,thedeferredrate that exactly discounts the estimated futurecumulativeamountrecognizedinequityrelatingcashreceiptsovertheexpectedlifeofthefinancial tothatparticularforeignentityisrecognizedintheinstrumentorashorterperiod,whereappropriate, consolidatedstatementofprofitorloss.tothenetcarryingamountofthefinancialasset. k. Hyperinflation accountingInterestincomeisincludedinfinanceincomeintheconsolidatedstatementofprofitorloss. SurinamehasbeenidentifiedasaDividends hyperinflationaryeconomybasedonthethree-yearcumulativeinflationratesof169%measuredRevenueisrecognizedwhentheGroupsright atyearend2021.Otherhyperinflationarytoreceivethepaymentisestablished,whichis characteristicsoftheeconomicenvironmentgenerallywhenshareholdersapprovethedividend. wereidentified,suchas(i)thegeneralpopulationregardsmonetaryamountsintermsofarelativelyj.Foreign currenciesstableforeigncurrencyaspricesareoftenquotedinstableforeigncurrency,(ii)salesandpurchasesTheconsolidatedfinancialstatementsare oncredittakeplaceatpricesthatcompensateforpresentedinUnitedStatesdollars(US$),which theexpectedlossofpurchasingpower,and(iii)theisalsotheGroupsfunctionalandpresentation generalpopulationpreferstokeepwealthinnon-currency. Each entity in the Group determines itsmonetaryassetsorinarelativelystableforeignown functional currency and items included in thecurrency.financialstatementsofeachentityismeasuredusingthatfunctionalcurrency.WithintheGroup,81'