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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 IFRS 4 - Applying IFRS 9 Financial Instruments with IFRS 4 Insurance ContractsThe amendments address concerns arising from implementing the new fnancial instruments standard, IFRS 9, before implementing IFRS 17 Insurance Contracts, which replaces IFRS 4. The amendments introduce two options for entities issuing insurance contracts: a temporary exemption from applying IFRS 9 and an overlay approach. The Group did not apply these exemptions.Amendments to IAS 28 - Clarifcation that measuring investees at fair value through proft or loss is an investment-by-investment choiceThe amendments clarify that an entity that is a venture capital organisation, or other qualifying entity, may elect, at initial recognition on an investment-by-investment basis, to measure its investments in associates and joint ventures at fair value through proft or loss. If an entity that is not itself an investment entity, has an interest in an associate or joint venture that is an investment entity, then it may, when applying the equity method, elect to retain the fair value measurement applied by that investment entity associate or joint venture to the investment entity associate%u2019s or joint venture%u2019s interests in subsidiaries. This election is made separately for each investment entity associate or joint venture, at the later of the date on which: (a) the investment entity associate or joint venture is initially recognised; (b) the associate or joint venture becomes an investment entity; and (c) the investment entity associate or joint venture frst becomes a parent. These amendments do not have any impact on the Group%u2019s consolidated fnancial statements. Amendments to IFRS 1 - Deletion of short-term exemptions for frst-time adoptersShort-term exemptions in paragraphs E3%u2013E7 of IFRS 1 were deleted because they have now served their intended purpose. These amendments do not have any impact on the Group%u2019s consolidated fnancial statements.48 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2018