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41GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 20152. Signifcant accounting policies (continued)i) Basis of preparation (continued)Current versus non-current classifcation (continued)A liability is current when:%u2022 It is expected to be settled in the normal operating cycle;%u2022 It is held primarily for the purpose of trading;%u2022 It is due to be settled within twelve months after the reporting period; or%u2022 There is no unconditional right to defer the settlement of theliability for at least twelve months after the reporting period.The Group classifes all other liabilities as non-current.Deferred tax assets and liabilities are classifed as non-current assets and liabilities.ii) Revenue restatementInternational Accounting Standards 18 %u2013 %u201cRevenue%u201d (IAS 18), requires the recognition and presentation of revenue at the fair value of consideration received or receivable net of any rebates or discounts. In the current year (2015), the Group has amended its presentation of advertising revenue disclosing revenue net of agencies commissions to be consistent with the requirements of IAS 18, %u201cRevenue%u201d in the consolidated statement of comprehensive income. Comparative information in respect of the previously reported (2014) revenue in the consolidated statement of comprehensive income has been restated to refect this change via a reduction in revenue of $14,116,000 dollars with a corresponding reduction in distribution costs.This reclassifcation does not impact the previously reported net assets, proft before tax, operating proft or net cash-fows as at 31 December 2014 or for the year then ended. Consequently, there is no impact on the consolidated statements of fnancial position or cash fows for the previous year.(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)