Page 43 - Demo

43GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 20152. Signifcant accounting policies (continued)iii) Basis of preparation (continued)A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it:%u2022 Derecognises the assets (including goodwill) and liabilities of the subsidiary;%u2022 Derecognises the carrying amount of any non-controlling interests;%u2022 Derecognises the cumulative translation differences recorded in equity;%u2022 Recognises the fair value of the consideration received;%u2022 Recognises the fair value of any investment retained;%u2022 Recognises any surplus or defcit in proft or loss; and %u2022 Reclassifes the parent%u2019s share of components previously recognised in OCI to proft or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities.iv) Changes in accounting policies and disclosuresThe accounting policies adopted in the preparation of these consolidated fnancial statements are consistent with those followed in the preparationof the Group%u2019s consolidated fnancial statements for the year ended 31December 2014 except for the standards and interpretations noted beloNew and amended standards and interpretations affecting amounts reported and/or disclosures in the consolidated fnancial statementsThe Group applied, for the frst time, certain standards and amendmentsthat became applicable for the 2015 fnancial year, however there was noimpact on the amounts reported and/or disclosures in the consolidated fnancial statements.(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)