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50GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 20152. Signifcant accounting policies (continued)viii) Financial instrumentsA fnancial instrument is any contract that gives rise to a fnancial asset of one entity and a fnancial liability or equity instrument of another entity. Financial instruments carried on the statement of fnancial position include cash and cash equivalents, receivables, payables, investments and borrowings. The particular recognition methods adopted are disclosed in the individual policy statement associated with each item.IFRS 9, %u2018Financial Instruments: Classifcation and Measurement%u2019In 2011, the Group applied IFRS 9 (as issued in November 2009 and revised in November 2013) effective 1 January 2018 (phase 1) in advance of its effective date. At fair value through statement of incomeInvestments in equity instruments are classifed as at fair value through statement of income (FVSI), unless the Group designates an investment that is not held for trading as at fair value through statement of comprehensive income (FVSCI) on initial recognition.The Group carries fnancial assets at FVSI which are measured at fair value at the end of each reporting period, with any gains or losses arising on remeasurement recognised in the statement of income. The net gain or loss recognised in the statement of income is included in the %u2018other income%u2019 line item (Note 17). Fair value is determined in the manner described in Note 23. Dividend income on investments in equity instruments at FVSI is recognised in the consolidated income statement when the Group%u2019s right to receive the dividends is established in accordance with IAS 18, %u2018Revenue%u2019 and is included in the net gains or losses described above.(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)