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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) Annual Improvements to IFRSs 2015-2017IFRS 3 Business Combinations - Amendments %u2013 Previously held interests in a joint operationThe amendments clarify that, when an entity obtains control of a business that is a joint operation, it applies the requirements for a business combination achieved in stages, including measuring previously held interests in the assets and liabilities of the joint operation at fair value.In doing so, the acquirer remeasures its entire previously held interest in the joint operation.An entity applies those amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2019. These amendments have no impact on the Group as the Group does not have joint operations.IFRS 11 Joint Arrangements - Amendments %u2013 Previously held interest in joint operationA party that participates in, but does not have joint control or, a joint operation might obtain joint control of the joint operation in which the activity of the joint operation constitutes a business as defined in IFRS 3. The amendments clarify that the previously held interests in that joint operation are not remeasured. An entity applies those amendments to transactions in which it obtains joint control on or after the beginning of the first annual reporting period beginning on or after 1 January 2019. These amendments have no impact on the Group as the Group does not have joint operations.GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019 51