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36NOTES 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 - Financial Instruments: Classification and Measurement - Financial liabilitiesSpecifically, under IFRS 9, for financial liabilities that are designated as at fair value through statement of income, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income, unless the recognition of the effects of changes in the liability%u2019s credit risk in other comprehensive income would create or enlarge an accounting mismatch in statement of income. This change in accounting policy has not affected the Group%u2019s accounting for financial liabilities. The provisions of IFRS 9 have not been applied to financial assets and financial liabilities derecognised before 31 December 2010.The change in accounting policy did not have an impact on basic and diluted earnings per share for the period.b) Significant accounting estimates, assumptions and judgmentsThe preparation of the financial statements in conformity with IFRS necessitates the use of estimates, assumptions and judgments. These estimates and assumptions affect the reported amounts of assets and liabilities and contingent liabilities at year end as well as affecting the reported income and expenses for the year.Although the estimates are based on management%u2019s best knowledge and judgment of current facts as at year end, the actual outcome may differ from these estimates, possibly significantly.Guardian_Media_Annual_Report2012.indd 36 4/17/13 7:31 PM