Staatsolie Annual Report 2017

Confidence in Our Own Abilities
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Staatsolie Maatschappij Suriname N.V.
Staatsolie Maatschappij Suriname N.V.
Notes to the Consolidated financial statements for the years ended December 31, 2017 and 2016
(continued)
Notes to the Consolidated financial statements for the years ended December 31, 2017 and 2016
(continued)
Available-for-sale (AFS) financial investments
r. Pensions and other post–employment benefits
AFS The Group financial operates investments defined include benefit equity pension and plans. debt securities. Re-measurements, Equity investments comprising classified of actuarial as gains availablefor-sale
losses, the are those effect neither of asset classified ceiling as held-for-trading (excluding amounts nor designated included in at net fair interest value through on the profit net or defined loss.
and
After benefit initial liability) measurement, and the return AFS on financial plan assets investments (excluding are amounts subsequently included measured in net interest at fair on value the with net
unrealized defined benefit gains liability), or losses are recognized as immediately OCI until the in the investment consolidated is derecognized, statement of at financial which time, position the
cumulative with a corresponding gain loss debit is or recognized credit to retained other earnings operating through income OCI or in expense, the period or in the which investment they occur. is
determined Re-measurements to be impaired, are not at reclassified which time, to the profit cumulative or loss loss in subsequent is reclassified periods. to the consolidated In addition, the statement Group
of operates profit or other loss in long-term finance costs employee and removed benefit plans, from the of which OCI. The the Group re-measurements evaluates its are AFS recognized financial assets in the
to profit determine or loss. whether Furthermore, ability for both and intention the defined to sell benefit them pension in the near plans term and is the still other appropriate. long-term employee
benefit plans past service costs are recognized in profit or loss on the earlier of:
(ii) Financial - The date liabilities of the plan amendment or curtailment
Recognition
And
and measurement
Financial
- The
liabilities
date on
are
which
classified,
the Group
at initial
recognizes
recognition,
related
as
restructuring
financial liabilities
costs
at fair value through profit or
loss, Net interest loans and is calculated borrowings, by payables, applying as the appropriate. discount rate All to financial the net liabilities defined are benefit recognized liability or initially asset. at The fair
value Group and, recognizes in the case the of following loans and changes borrowings the and net payables, defined net benefit of directly obligation attributable under transaction ‘cost of sales’, costs.
The ‘administration Group’s financial expenses’ liabilities and ‘selling include and trade distribution and other expenses’ payables, in the loans consolidated and borrowings statement including of profit bank or
overdrafts. loss (by function):
- Service costs comprising current service costs, past-service costs, gains and losses on
Loans and curtailments borrowings and non-routine settlements
This - is the Net interest category expense most relevant or income to the Group. After initial recognition, interest bearing loans and
borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are
2.4 Restatements and First-time adoption of IFRS
recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as
through These consolidated the EIR amortization financial process. statements, Amortized for the cost year is ended calculated December by taking 31, 2017 into account and 2016, any are discount the first or
premium Staatsolie on has acquisition prepared and in accordance fees costs with that IFRS. are For an integral periods part including of the the EIR. year The ended EIR amortization December 31, is
included 2016 and in finance prior, Staatsolie costs in the prepared consolidated its consolidated statement of financial profit or loss. statements This category in accordance generally with applies U.S. to
interest-bearing generally accepted loans accounting and borrowings. principles (US GAAP). During the preparation of the December 31, 2017
and 2016 consolidated financial statements, the Group identified errors in the opening balance as at
January m. 1, 2016 Inventories and the ending balance as at December 31, 2016, which have been restated as part of
Petroleum the IFRS conversion products are procedures. valued at the lower of cost and net realizable value.
Raw Accordingly, materials: Staatsolie has prepared its consolidated financial statements that comply with IFRS as at
• December Purchase 31, cost 2017, is valued together on with weighted the comparative average method period data for the year ended December 31, 2016,
as described in the summary of significant accounting policies. In preparing the consolidated financial
Finished goods and work in progress:
statements, Staatsolie’s opening statement of consolidated financial position was prepared as at January
• Cost of direct materials and labor and a proportion of manufacturing overheads based on normal
1, 2016, Staatsolie’s date of transition to IFRS. This note explains the principal adjustments made by
operating capacity but excluding borrowing costs
Staatsolie in restating its US GAAP financial statements, including the consolidated statement of financial
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