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61GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 20152. Signifcant accounting policies (continued)xxiii) Fair value measurementThe Group measures certain fnancial assets at fair value at each year end. Also, fair values of fnancial instruments measured at amortised cost are disclosed in Note 23. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:%u2022 In the principal market for the asset or liability, or%u2022 In the absence of a principal market, in the most advantageous market for the asset or liabilityThe principal or the most advantageous market must be accessible to the Group.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non%u2013fnancial asset takes into account a market participant%u2019s ability to generate economic benefts by using the asset in its highestand best use or by selling it to another market participant that would use the asset in its highest and best use.The Group uses valuation techniques that are appropriate in the circumstances and for which suffcient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)