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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 9 - Financial Instruments Amendments - Prepayment Features with Negative Compensation (continued) In the basis for conclusions to the amendments, the IASB also clarified that the requirements in IFRS 9 for adjusting the amortised cost of a financial liability, when a modification does not result in derecognition, are consistent to those applied to the modification of a financial asset that does not result in derecognition.This means that the gain or loss arising on modification of a financial liability that does not result in derecognition, calculated by discounting the change in contractual cash flows at the original effective interest rate, is immediately recognized in profit or loss. The amendments must be applied retrospectively.These amendments have no impact on the Group as there are no debt instruments with prepayment features with negative compensation.IAS 28 - Investments in associates and Joint Ventures Amendments - Long-term interests in associates and joint venturesThe amendments clarify that an entity applies IFRS 9 to long-term interests in an associate or joint venture to which the equity method is not applied but that, in substance, form part of the net investment in the associate or joint venture (long-term interest). This clarification is relevant because it implies that the expected credit loss model in IFRS 9 applies to such long-term interests.The Board also clarified that, in applying IFRS 9, an entity does not take into account of any losses of the associate or joint venture or any impairment losses on the net investment, recognized as adjustments to the net investment in associate or joint venture that arise from applying IAS 28 Investments in Associates and Joint Ventures. These amendments must be applied prospectively. These amendments have no impact on the Group as the Group has no investments in associates and joint ventures.GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019 49