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31NOTES 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 disclosures (continued)IFRS 1 First-time Adoption of International Financial Reporting Standards (Amendment) %u2013 Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters The IASB provided guidance on how an entity should resume presenting IFRS financial statements when its functional currency ceases to be subject to hyperinflation. The amendment is effective for annual periods beginning on or after 1 July 2011. The amendment had no impact to the Group. IFRS 7 Financial Instruments: Disclosures %u2013 Enhanced Derecognition Disclosure RequirementsThe amendment requires additional disclosure about financial assets that have been transferred but not derecognized to enable the user of the Group%u2019s financial statements to understand the relationship with those assets that have not been derecognized and their associated liabilities. In addition, the amendment requires disclosures about the entity%u2019s continuing involvement in derecognised assets to enable the users to evaluate the nature of, and risks associated with, such involvement. The amendment is effective for annual periods beginning on or after 1 July 2011. The Group does not have any assets with these characteristics so there has been no effect on the presentation of its financial statements.Guardian_Media_Annual_Report2012.indd 31 4/17/13 7:31 PM