Page 63 - Demo

63GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 20152. Signifcant accounting policies (continued)xxiv) Intangible assets (continued)For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGUs), or groups of CGUs, that is expected to beneft from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed.LicensesSeparately licenses are shown at historical cost. Licenses acquired in a business combination are recognised at fair value at the acquisition date. Licenses have an indefnite useful life and impairment tests are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment.Broadcast rights The Group has elected to classify broadcast rights as intangible assets. Control is obtained over the intangible asset, and therefore the asset is recognised, at the point at which:%u2022 The underlying resource is suffciently developed to be identifable;%u2022 The Company has legal, exclusive rights to broadcast;%u2022 There is a penalty for non-delivery of content;%u2022 It is probable that the event will occur or the content delivered; and%u2022 It is probable that economic benefts will fow to the Company.(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)