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30NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2012(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2. Significant accounting policies (continued)a) Basis of preparation (continued)Changes in accounting policy and disclosuresThe accounting policies adopted are consistent with those of the previous financial year except that the Group has adopted the following new and amended IFRS and IFRIC (International Financial Reporting Interpretations Committee) interpretations as of 1 January 2012:%u2022 IAS 12 Income Taxes (Amendment) %u2013 Deferred Taxes: Recovery of Underlying Assets %u2013 Effective 1 January 2012%u2022 IFRS 1 First-time Adoption of International Financial Reporting Standards (Amendment) %u2013 Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters %u2013 Effective 1 July 2011%u2022 IFRS 7 Financial Instruments: Disclosures (Amendment) %u2013 Effective 1 July 2011The adoption of the standards or interpretations is described beloIAS 12 Income Taxes %u2013 Recovery of Underlying Assets The amendment clarified the determination of deferred tax on investment property measured at fair value and introduces a rebuttable presumption that deferred tax on investment property measured using the fair value model in IAS 40 should be determined on the basis that its carrying amount will be recovered through sale. It includes the requirement that deferred tax on non-depreciable assets that are measured using the revaluation model in IAS 16 always be measured on a sale basis. The amendment is effective for annual periods beginning on or after 1 January 2012 and has no effect on the Group%u2019s financial position, performance or its disclosures.Guardian_Media_Annual_Report2012.indd 30 4/17/13 7:31 PM