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35NOTES 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 (continued):IFRS 9 %u2013 Financial Instruments: Classification and Measurement %u2013 Financial assets (continued)However, the Group may choose at initial recognition to designate a debt instrument that meets the amortised cost criteria as at FVSI if doing so eliminates or significantly reduces an accounting mismatch. In the current year, the Group has not elected to designate any debt instruments that meet the amortised cost criteria as at FVSI. Debt instruments that are subsequently measured at amortised cost are subject to impairment. Investments in equity instruments are classified and measured as at FVSI except when the equity investment is not held for trading and is designated by the Group as at fair value through other comprehensive income (FVOCI). If the equity investment is designated as at FVOCI, all gains and losses, except for dividend income that is generally recognised in statement of income in accordance with IAS 18 Revenue, are recognised in other comprehensive income and are not subsequently reclassified to statement of income.IFRS 9 - Financial Instruments: Classification and Measurement %u2013 Financial liabilitiesIFRS 9 also contains requirements for the classification and measurement of financial liabilities. One major change in the classification and measurement of financial liabilities relates to the accounting for changes in fair value of a financial liability (designated as at fair value through statement of income) attributable to changes in the credit risk of that liability. Guardian_Media_Annual_Report2012.indd 35 4/17/13 7:31 PM