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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)Amendments to IAS 40 - Transfers of Investment PropertyThe amendments clarify when an entity should transfer property, including property under construction or development into, or out of investment property. The amendments state that a change in use occurs when the property meets, or ceases to meet, the defnition of investment property and there is evidence of the change in use. A mere change in management%u2019s intentions for the use of a property does not provide evidence of a change in use. These amendments do not have any impact on the Group%u2019s consolidated fnancial statements.Amendments to IFRS 2 - Classifcation and Measurement of Share-based Payment TransactionsThe IASB issued amendments to IFRS 2, %u2018Share-based Payment%u2019 that address three main areas: the efects of vesting conditions on the measurement of a cash-settled share-based payment transaction; the classifcation of a share-based payment transaction with net settlement features for withholding tax obligations; and accounting where a modifcation to the terms and conditions of a share-based payment transaction changes its classifcation from cash settled to equity settled. On adoption, entities are required to apply the amendments without restating prior periods, but retrospective application is permitted if elected for all three amendments and other criteria are met. The Group%u2019s accounting policy for cash-settled share based payments is consistent with the approach clarifed in the amendments. In addition, the Group has no share-based payment transaction with net settlement features for withholding tax obligations and had not made any modifcations to the terms and conditions of its sharebased payment transaction. Therefore, these amendments do not have any impact on the Group%u2019s consolidated fnancial statements.FINANCIAL REPORT 47