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52GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 20152. Signifcant accounting policies (continued)viii) Financial instruments (continued)Impairment of fnancial assets (continued)The carrying amount of the fnancial asset is reduced by the impairment loss directly for all fnancial assets with the exception of receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited to the consolidated statement of income account. Changes in the carrying amount of the allowance account are recognised in the consolidated statement of comprehensive income.If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through the consolidated statement of comprehensive income to the extent that the carrying amount of the investment at the date of the impairment assessment/reversal does not exceed what the amortised cost would have been had the impairment not been recognised.Financial liabilitiesInitial recognition and subsequent measurementsFinancial liabilities within the scope of IFRS 9 are classifed as interest bearing debt and borrowing. The Group determines the classifcation of its fnancial liabilities at initial recognition. Borrowings and interest bearing debt are initially recognised at the fair value of the consideration received net of transaction costs incurred. After initial recognition, these borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any transaction cost, discount or premium on issue. Gains and losses are recognised in the statement of comprehensive income when the liabilities are derecognised as well as through the amortisation process.(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)