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34NOTES 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 adopted early the following IFRS that has been issued but is not yet effective:IFRS 9 Financial Instruments: Classification and MeasurementIn 2011 the Group early adopted IFRS 9 Financial Instruments (IFRS 9) (as issued in November 2009 and revised in October 2010) and the related consequential amendments in advance of its effective date.IFRS 9 - Financial Instruments: Classification and Measurement - Financial assets The Group has chosen 1 January 2011 as its date of initial application. The Group chose to apply the exemption given in the transitional provision for early application of IFRS 9 and hence did not restate comparative information in the year of initial application. Any difference between the previous carrying amount and the carrying amount at the beginning of the annual period was recognized in the opening retained earnings. The change in accounting policy was made in accordance with the transitional provisions of IFRS 9. IFRS 9 introduces new classification and measurement requirements for financial assets that are within the scope of IAS 39 Financial Instruments: Recognition and Measurement. Specifically, IFRS 9 requires all financial assets to be classified and subsequently measured at either amortised cost or fair value on the basis of the entity%u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. As required by IFRS 9, debt instruments are measured at amortised cost only if (i) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows and (ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. If either of the two criteria is not met, the debt instruments are classified as at fair value through statement of income (FVSI). Guardian_Media_Annual_Report2012.indd 34 4/17/13 7:31 PM