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44 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2020 FINANCIALS 2020GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES2. Significant accounting policies (continued)iii. Changes in accounting policies and disclosures (continued)New and amended standards and interpretations (continued)IAS 1 Presentation of Financial Statements and IAS 8 Accounting policies, Changes in Accounting Estimates (effective 1 January 2020)The amendments provide a new definition of material that states, %u201cinformation is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.%u201d The amendments clarify that materiality will depend on the nature or magnitude of information, either individually or in combination with other information, in the context of the financial statements. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users.The amendments must be applied prospectively. Early adoption is permitted and must be disclosed.Although the amendments to the definition of material is not expected to have a significant impact on the group%u2019s financial statements, the introduction of the term %u2018obscuring information%u2019 in the definition could potentially impact how materiality judgements are made in practice, by elevating the importance of how information is communicated and organised in the financial statements. This amendment resulted in no material change to the consolidated financial statements.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2020(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)