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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)Leases previously classified as operating leases - Group as lessee (continued)The Group recognised right-of-use assets and lease liabilities for those leases previously classified as operating leases, except for short-term leases and leases of low value assets. The right-of-use assets for all leases were recognised based on the amount equal to the lease liabilities, adjusted for any related prepaid and accrued lease payments previously recognised.Lease liabilities were recognised based on the present value of the remaining lease payments, discounted using the incremental borrowing rate at the date of initial application.The Group also applied the available practical expedients wherein it:%u2022 Used a single discount rate to a portfolio of leases with reasonably similar characteristics%u2022 Relied on its assessment of whether leases are onerous immediately before the date of initial application%u2022 Applied the short-term leases exemptions to leases with lease term that ends within 12 months of the date of initial application%u2022 Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application%u2022 Used hindsight in determining the lease term where the contract contained options to extend or terminate the leaseGUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019 45