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45GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 20152. Signifcant accounting policies (continued)iv) Changes in accounting policies and disclosures (continued)New and amended standards and interpretations not affecting amounts reported and/or disclosures in the consolidated fnancial statements (continued)Annual Improvements to IFRSs 2011-2013 Cycle %u2013 Published December 2013Certain limited amendments, which primarily consist of clarifcations to existing guidance, were made to the following standards:%u2022 IFRS 1, %u2018First-time Adoption of International Financial Reporting Standards%u2019%u2022 IFRS 3, %u2018Business Combinations%u2019%u2022 IFRS 13, %u2018Fair Value Measurement%u2019%u2022 IAS 40, %u2018Investment Property%u2019These improvements were effective for annual periods beginning on or after 1 July 2014 and had no impact on the consolidated fnancial statements.Standards issued but not yet effective%u2022 Amendments to IFRS 10, IFRS 12 and IAS 28 %u2013 Investment Entities: Applying the Consolidation Exception %u2013 Effective 1 January 2016%u2022 Amendments to IFRS 10 and IAS 28 %u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture %u2013 Effective 1 January 2016%u2022 Amendments to IFRS 11 %u2013 Accounting for Acquisition of Interests in Joint Operations %u2013 Effective 1 January 2016%u2022 IFRS 14, %u2018Regulatory Deferral Accounts%u2019 %u2013 Effective 1 January 2016%u2022 Amendments to IAS 1 %u2013 Disclosure Initiative %u2013 Effective 1 January 2016(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)