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42GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 20152. Signifcant accounting policies (continued)iii) Basis of preparationThe consolidated fnancial statements comprise the fnancial statements of Guardian Media Limited and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.Specifcally, the Group controls an investee if and only if the Group has:%u2022 Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);%u2022 Exposure, or rights, to variable returns from its involvement with the investee; and%u2022 The ability to use its power over the investee to affect its returns.When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:%u2022 The contractual arrangement with the other vote holders of the investee;%u2022 Rights arising from other contractual arrangements; and%u2022 The Group%u2019s voting rights and potential voting rights.The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary.Proft or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the noncontrolling interests, even if this results in the non-controlling interests having a defcit balance. When necessary, adjustments are made to the fnancial statements of subsidiaries to bring their accounting policies in line with the Group%u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash fows relating to transactions between members of the Group are eliminated in full on consolidation.(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)