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32NOTES 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)The Group has not adopted early the following new and revised IFRS%u2019s and IFRIC interpretations that have been issued but are not yet effective or not relevant to the Group%u2019s operations:%u2022 IAS 1 Presentation of Items of Other Comprehensive Income %u2013 Amendments to IAS 1 %u2013 Effective 1 July 2012%u2022 IAS 19 Employee Benefits (Revised) %u2013 Effective 1 January 2013%u2022 IAS 27 Separate Financial Statements %u2013 Effective 1 January 2013%u2022 IAS 28 Investments in Associates and Joint Ventures (as revised in 2011) %u2013 Effective 1 January 2013%u2022 IAS 32 Offsetting Financial Assets and Financial Liabilities %u2013 Amendments to IAS 32 %u2013 Effective 1 January 2014%u2022 IFRS 1 Government Loans %u2013 Amendments to IFRS 1 %u2013 Effective 1 January 2013%u2022 IFRS 7 Disclosures %u2013 Offsetting Financial Assets and Financial Liabilities %u2013 Amendments to IFRS 7 %u2013 Effective 1 January 2013%u2022 IFRS 9 Financial Instruments: Classification and Measurement effective 1 January 2015%u2022 IFRS 10 Consolidated Financial Statements %u2013 Effective 1 January 2013%u2022 IFRS 11 Joint Arrangements %u2013 Effective 1 January 2013%u2022 IFRS 12 Disclosure of Interests in Other Entities %u2013 Effective 1 January 2013Guardian_Media_Annual_Report2012.indd 32 4/17/13 7:31 PM