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3. Signifcant accounting estimates, assumptions and judgmentsThe preparation of the fnancial statements in conformity with IFRS necessitates the use of estimates, assumptions and judgments. These estimates and assumptions afect the reported amounts of assets and liabilities and contingent liabilities at year end as well as afecting the reported income and expenses for the year.Although the estimates are based on management%u2019s best knowledge and judgment of current facts as at year end, the actual outcome may difer from these estimates, possibly signifcantly.The key assumptions concerning the future and other key sources of estimation uncertainty at year end, that have a signifcant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fnancial year are discussed beloProvision for impairment of trade receivablesManagement exercises judgment in determining the adequacy of provisions established for accounts receivable balances for which collections are considered doubtful. Judgment is used in the assessment of the extent of the recoverability of certain balances. Actual outcomes may be materially diferent from the provision established by management. The accounting policies related to impairment of trade receivables is disclosed in Note 2 (viii).Impairment of goodwill and intangible assets with indefnite livesThe Group determines whether goodwill or other intangible assets with indefnite useful lives are impaired at least on an annual basis. This requires an estimation of the %u2018value in use%u2019 of the cash generating units to which the goodwill is allocated. Estimating a value in use amount requires management to make an estimate of the expected future cash fows from the cash generating units and also to choose a suitable discount rate in order to calculate the present value of those cash fows. Further details are provided in Note 6 and accounting policy Note 2 (xxii).Property, plant and equipment Management exercises judgement in determining whether costs incurred can accrue sufcient future economic benefts to the Group to enable the value to be treated as a capital expense. Further judgement is used upon annual review of the residual values and useful lives of all capital items to determine any necessary adjustments to carrying value.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)FINANCIAL REPORT 73