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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2018(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2. Signifcant accounting policies (continued)iii) Changes in accounting policies and disclosuresNew and amended standards and interpretationsThe Group applied IFRS 15 and phase II of IFRS 9 for the frst time. The nature and efect of the changes as a result of adoption of these new accounting standards are described below.IFRS 15, %u2018Revenue from Contracts with Customers%u2019IFRS 15 supersedes IAS 11, %u2018Construction Contracts%u2019, IAS 18, %u2018Revenue%u2019 and related Interpretations and it applies, with limited exceptions, to all revenue arising from contracts with its customers. IFRS 15 establishes a fve-step model to account for revenue arising from contracts with customers and requires that revenue be recognised at an amount that refects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer.IFRS 15 requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with their customers. The standard also specifes the accounting for the incremental costs of obtaining a contract and the costs directly related to fulflling a contract. In addition, the standard requires extensive disclosures.The Group is in the business of selling airtime in Television, Radio and Billboards. The Group is also a publisher and provides printing services to other publishers. The Group adopted IFRS 15 using the modifed retrospective method of adoption with the date of initial application of 1 January 2018. The adoption of IFRS 15 had immaterial efect on the Group%u2019s fnancial position and performance. FINANCIAL REPORT 43