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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 2015-2017 (continued)IAS 12 Income Taxes - Amendment %u2013 Income tax consequences of payments on financialinstruments classified as equityThe amendments clarify that the income tax consequences on dividends are linked more directly to past transactions or events that generated distributable profits than to distributions of owners. Therefore, an entity recognized the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognized those past transactions or events.An entity applies those amendments for annual reporting periods beginning on or after 1 January 2019. When an entity first applies those amendments, it applies them to the income tax consequences of dividends recognized on or after the beginning of the earliest comparative period. These amendments have no impact on the Group.IAS 23 Borrowing Costs - Amendment %u2013 Borrowing costs eligible for capitalizationThe amendments clarify that an entity treats as part of general borrowings any borrowing originally made to develop a qualifying asset when substantially all of the activities necessary to prepare that asset for its intended use or sale are complete.An entity applies those amendments to borrowing costs incurred in or after the beginning of the annual reporting period in which the entity first applies those amendments. An entity applies those amendments for annual reporting periods beginning on or after 1 January 2019. These amendments have no impact on the Group.52 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019