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2. Signifcant accounting policies (continued)viii) Financial assets and liabilities (continued)Financial assets and fnancial liabilities at fair value through proft or loss (continued)%u2022 The liabilities (and assets until 1 January 2018 under IAS 39) containing one or more embedded derivatives, unless they do not signifcantly modify the cash fows that would otherwise be required by the contract, or it is clear with little or no analysis when a similar instrument is frst considered that separation of the embedded derivative(s) is prohibited.Financial assets and fnancial liabilities at FVPL are recorded in the statement of fnancial position at fair value.Reclassifcation of fnancial assets and liabilitiesFrom 1 January 2018, the Group does not reclassify its fnancial assets subsequent to their initial recognition, apart from the exceptional circumstances in which the Group acquires, disposes of, or terminates a business line. Financial liabilities are never reclassifed. The Group did not reclassify any of its fnancial assets or liabilities in 2017.%u2022 Financial assetsA fnancial asset (or, where applicable, a part of a fnancial asset or part of a group of similar fnancial assets) is derecognised when the rights to receive cash fows from the fnancial asset have expired. The Group also derecognises the fnancial asset if it has both transferred the fnancial asset and the transfer qualifes for derecognition.The Group has transferred the fnancial asset if, and only if, either:%u2022 The Group has transferred its contractual rights to receive cash fows from the fnancial asset; or%u2022 It retains the rights to the cash fows, but has assumed an obligation to pay the received cash fows in full without material delay to a third party under a %u2018pass%u2013through%u2019 arrangement.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)56 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2018