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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)IFRIC 23 - Uncertainty over income tax treatmentThe IFRIC interpretation clarifies application of the recognition and measurement requirements in IAS 12 Income Taxes when there is uncertainty over income tax treatments. The interpretation specifically addresses the following: %u2022 Whether an entity considers uncertain tax treatments separately. %u2022 The assumptions an entity makes about the examination of tax treatments by taxation authorities. %u2022 How an entity determines taxable profit (tax loss), unused tax losses, unused tax credits and tax rates. %u2022 How an entity considers changes in facts and circumstances.An entity has to determine whether to consider each uncertain tax treatment separately or together with one or more uncertain tax treatments. The approach that better predicts the resolution of the uncertainty should be followed.The Group has appropriately assessed uncertain tax positions in line with IFRIC 23.IFRS 9 - Financial Instruments Amendments - Prepayment Features with Negative CompensationThe amendments to IFRS 9 clarify that a financial asset passes the %u201csolely payments of principal and interest%u201d (SPPI) criterion regardless of the event or circumstances that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract.The basis for conclusions to the amendments clarified that the early termination can result from a contractual term or from an event outside the control of the parties to the contract such as change in law or regulation leading to the early termination of the contract.48 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019