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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2019(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2.%u0009 Significant accounting policies (continued)iii) Changes in accounting policies and disclosures (continued)New and amended standards and interpretations (continued)IFRS 16 - Leases (continued)The effect of adoption of IFRS 16 as at 1 January 2019 (increase/(decrease)) is as follows:$ AssetsRight-of-use assets 13,094Property, plant and equipment (797)Total assets 12,297LiabilitiesLease liabilities %u2013 current 3,976Borrowings %u2013 current (476)Lease liabilities %u2013 non-current 9,403Borrowings %u2013 non-current (606)Total liabilities 12,297There were no adjustments to equity.Upon adoption of IFRS 16, the Group applied a single recognition and measurement approach for all leases where the Group is the lessee except for short-term leases and leases of lowvalue assets. Refer to Note 2 (iv) for the accounting policy beginning 1 January 2019. The standard provides specific transition requirements and practical expedients, which have been applied by the Group.Leases previously classified as finance leases - Group as lesseeThe Group did not change the initial carrying amounts of recognised assets and liabilities at the date of initial application for leases previously classified as finance leases (i.e., the rightof-use assets and lease liabilities equal the lease assets and liabilities recognised under IAS 17). The requirements of IFRS 16 were applied to these leases from 1 January 2019.44 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019