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33NOTES 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 (continued):%u2022 IFRS 13 Fair Value Measurement %u2013 Effective 1 January 2013%u2022 IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine %u2013 Effective 1 January 2013%u2022 Investment Entities (Amendments to IFRS 10, 12 and IAS 27) %u2013 Effective 1 January 2014Management is currently assessing the impact of the new standards on the Group%u2019s Financial reporting.Annual Improvements May 2012Certain limited amendments, which primarily consist of clarifications to existing guidance, were made to the following standards and are not expected to have a material impact on the financial statements:%u2022 IFRS 1 First%u2013time Adoption of International Financial Reporting Standards%u2022 IAS 1 Presentation of Financial Statements%u2022 IAS 16 Property Plant and Equipment%u2022 IAS 32 Financial Instruments, Presentation%u2022 IAS 34 Interim Financial ReportingThese improvements are effective for annual periods beginning on or after 1 January 2013. Guardian_Media_Annual_Report2012.indd 33 4/17/13 7:31 PM