Page 53 - Demo

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)Standards issued but not yet effectiveThe standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group%u2019s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective.%u2022 IFRS 17, %u2018Insurance Contracts%u2019 %u2013 Effective 1 January 2022%u2022 Amendments to References in the Conceptual Framework in IFRS Standards %u2013 Effective 1 January 2020%u2022 Amendments to IFRS 3 %u2013 Definition of Business %u2013 Effective 1 January 2020%u2022 Amendments to IAS 1 and IAS 8 %u2013 Definition of Material %u2013 Effective 1 January 2020iv) LeasesThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets.GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019 53