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56GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 20152. Signifcant accounting policies (continued)xii) Cash and cash equivalentsCash and cash equivalents in the statement of fnancial position comprise cash at banks and on hand and short-term deposits readily convertible to cash. For the purpose of the statement of cash fows, cash and cash equivalents include all cash and short-term deposits with maturities of less than three months from date of establishment or which are readily convertible to cash.xiii) Foreign currency transactionsThe consolidated fnancial statements are presented in Trinidad and Tobago dollars (expressed in thousands) which is the currency of the primary economic environment in which the Group operates. Foreign currency transactions are recorded in the foreign currency at the rates of exchange prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Trinidad and Tobago Dollars at the rate of exchange ruling at the statement of fnancial position date. Non-monetary assets and liabilities are translated using exchange rates that existed when the values were determined. Exchange differences on foreign currency transactions are recognised in the statement of comprehensive income. xiv) Equity movementsStated capitalOrdinary stated capital is classifed within equity and is recognised at the fair value of the consideration received by the Group. Incremental costs directly attributable to the issue of new shares or options are shown as a reduction in equity, net of tax. As equity is repurchased, the amount of consideration paid is recognised as a charge to equity and reported in the statements of fnancial position as treasury shares.Dividends on ordinary shares are recognised as a liability and deducted from equity when they are approved by the Group%u2019s Board of Directors. Interim dividends are deducted from equity when they are paid. Dividends for the year that are approved after the statement of fnancial position date are dealt with as an event after the end of reporting date.(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)