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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)Based on the above, as at 1 January 2019:%u2022 Right-of-use assets of $13.094 million were recognised and presented separately in the consolidated statement of financial position. This includes the lease assets recognised previously under finance leases of $0.797 million that were reclassified from property, plant and equipment. %u2022 Additional lease liabilities of $13.379 million were recognised and presented separately in the consolidated statement of financial position. This represents lease obligations under operating leases for the rental of property and rental of sites to house billboards. This includes the lease liabilities recognised previously under borrowings of $1.082 million that were reclassified from borrowings. %u2022 There were no impact on deferred tax liabilities as at 1 January 2019.%u2022 The above adjustments did not affect retained earnings.46 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019