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62GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 20152. Signifcant accounting policies (continued)xxiii) Fair value measurement (continued)All assets and liabilities for which fair value is measured or disclosed in the consolidated fnancial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is signifcant to the fair value measurement as a whole:%u2022 Level 1 %u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities%u2022 Level 2 %u2013 Valuation techniques for which the lowest level input that is signifcant to the fair value measurement is directly or indirectly observable%u2022 Level 3 %u2013 Valuation techniques for which the lowest level input that is signifcant to the fair value measurement is unobservableSee Note 23 for further details on the valuation techniques and inputs used to account for fnancial instruments measured at fair value.For assets and liabilities that are recognised in the consolidated fnancial statements on a recurring basis, the Group determines whether transfers have occurred between Levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is signifcant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes of assets on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.xxiv) Intangible assetsGoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the Group%u2019s interest in net fair value of the net identifable assets, liabilities and contingent liabilities of the acquiree and the fair value of the non-controlling interest in the acquiree.(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)