b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (Continued)2.5 CHANGES IN ACCOUNTING POLICIES ANDCovid-19-Related Rent Concessions beyond 30 DISCLOSURES June 2021 Amendments to IFRS 16New and amended standards andOn28May2020,theIASBissuedCovid-19-interpretationsRelated Rent Concessions - amendment to IFRS TheGroupappliedforthefirst-timecertain 16Leases.standardsandamendments,whichareeffective Theamendmentsproviderelieftolesseesfromforannualperiodsbeginningonorafter1January applyingIFRS16guidanceonleasemodification2021.TheGrouphasnotearlyadoptedanyother accounting for rent concessions arising as a direct standard,interpretationoramendmentthathas consequenceoftheCovid-19pandemic.Asabeenissuedbutisnotyeteffective. practicalexpedient,alesseemayelectnottoInterest Rate Benchmark ReformPhase 2:assesswhetheraCovid-19relatedrentconcessionAmendments to IFRS 9, IAS 39, IFRS 7, IFRS 4fromalessorisaleasemodification.Alesseethatand IFRS 16 makesthiselectionaccountsforanychangeinleasepaymentsresultingfromtheCovid-19relatedTheamendmentsprovidetemporaryreliefswhich rent concession the same way it would account for addressthefinancialreportingeffectswhenan thechangeunderIFRS16,ifthechangewerenotinterbankofferedrate(IBOR)isreplacedwithan aleasemodification.alternativenearlyrisk-freeinterestrate(RFR). Theamendmentwasintendedtoapplyuntil30Theamendmentsincludethefollowingpractical June2021,butastheimpactoftheCovid-19expedients: pandemiciscontinuing,on31March2021,Apracticalexpedienttorequirecontractual the IASB extended the period of application ofthepracticalexpedientto30June2022.Thechanges,orchangestocashflowsthatare amendment applies to annual reporting periods directlyrequiredbythereform,tobetreatedas beginningonorafter1April2021.changestoafloatinginterestrate,equivalenttoamovementinamarketrateofinterest. However,theGrouphasnotreceivedCovid-19-PermitchangesrequiredbyIBORreformto relatedrentconcessions,butplanstoapplythe practicalexpedientifitbecomesapplicablewithinbemadetohedgedesignationsandhedge allowed period of application.documentation without the hedging relationship beingdiscontinued.Providetemporaryrelieftoentitiesfromhavingtomeettheseparatelyidentifiablerequirementwhenan RFR instrument is designated as a hedge of a riskcomponent.TheseamendmentshadnoimpactontheconsolidatedfinancialstatementsoftheGroup.TheGroupintendstousethepracticalexpedientsinfutureperiodsiftheybecomeapplicable.96 STAATSOLIE 2021 ANNUAL REPORT'