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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 disclosures (continued)New and amended standards and interpretations (continued)Transitions disclosuresThe following pages set out the impact of adopting IFRS 9 on the statement of fnancial position, and retained earnings including the efect of replacing IAS 39%u2019s incurred credit loss calculations with IFRS 9%u2019s ECL. As of 1 January 2018, the Group assessed its investment portfolio which had $15 million of investments previously classifed at amortised cost. The Group concluded that these instruments are managed within a business model of collection contractual cash fows. The impact of transition to IFRS 9 on retained earnings is, as follows:Retained earningsIAS 39 carrying amount as at 1 January 2018 Closing balance under IAS 39 (31 December 2017) 251,514Recognition of IFRS 9ECLs on Trade receivables portfolio (488) Opening balance under IFRS 9 (1 January 2018 - restated) 251,026FINANCIAL REPORT 45