b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2018 (Continued)Transportation servicesg. Other incomeInsomecases,theGroupprovidestransportation Interest incomeservices as part of contracts with customers when providingoilproducts.Transportationservicesare Forallfinancialinstrumentsmeasuredatnot considered a distinct performance obligationamortizedcost,interestincomeisrecordedusingsince this service to the client is not consideredtheeffectiveinterestrate(EIR).TheEIRisthetobeseparatelyidentifiablefromthesaleofoil rate that exactly discounts the estimated future productstothecustomer,theseareconsidered cashreceiptsovertheexpectedlifeofthefinancialhighly interrelated.instrumentorashorterperiod,whereappropriate,tothenetcarryingamountofthefinancialasset.Equipment rentalInterestincomeisincludedinfinanceincomeinTheGroupmakesequipmentavailabletothe theconsolidatedstatementofprofitorloss.customers as part of contracts with customersDividendswhenprovidingoilproducts.Equipmentrentalisnot considered a separate performance obligationRevenueisrecognizedwhentheGroupsrightsince this service to the client is not consideredtoreceivethepaymentisestablished,whichistobeseparatelyidentifiablefromthesaleofoil generally when shareholders approve the dividend.productstothecustomer,theseareconsidered h. Foreign currencies highly interrelated. Contract balancesTheconsolidatedfinancialstatementsarepresentedinUnitedStatesdollars(US$),whichContract assets isalsotheGroupsfunctionalcurrencyandpresentation currency. Each entity in the Group A contract asset is the right to consideration indetermines its own functional currency and items exchange for goods or services transferred to theincludedinthefinancialstatementsofeachentitycustomer.If the Group performs by transferringismeasuredusingthatfunctionalcurrency.Withingoods or services to a customer before thetheGroup,GOw2sfunctionalcurrencychangedcustomer pays consideration or before payment isfrom US$ to the Surinamese dollars (SRD) due,acontractassetisrecognizedfortheearned effectiveJanuary1,2016.Thischangearoseconsideration that is conditional.duetothechangeinmajorcontractspreviouslydenominatedinUS$toSRD.Therefore,asitTrade receivablesrelatestoGOw2,transactionsareinitiallyrecordedAreceivablerepresentstheGroupsrighttoan in the functional currency (being SRD) at the rate amount of consideration that is unconditionalof exchange ruling at the date of the transaction. (i.e.,onlythepassageoftimeisrequiredbefore (i) Transactions and balancespayment of the consideration is due). Contract liabilities Transactionsinforeigncurrenciesareinitiallyrecorded by the Group entities at their respective A contract liability is the obligation to transferfunctional currency rate ruling at the date of goods or services to a customer for which thethetransaction.MonetaryassetsandliabilitiesGroup has received consideration (or an amountdenominatedinforeigncurrenciesarere-of consideration is due) from the customer. If atranslated at the functional currency rate of customer pays consideration before the Groupexchange ruling at the reporting date.transfersgoodsorservicestothecustomer,a Non-monetaryassetsandliabilitiesaretranslatedcontractliabilityisrecognizedwhenthepaymentis using exchange rates that existed when the made,orthepaymentisdue(whicheverisearlier). values were determined. Exchange differences Contractliabilitiesarerecognizedasrevenue on settlement or translation of monetary items are when the Group performs under the contract.recognizedintheconsolidatedstatementofprofitor loss.39'