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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2020 47GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES2. 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 consolidated financial statements are disclosed below. The Group is currently assessing the potential impact of these new standards and interpretations and will adopt them when they become effective.%u2022 IAS 1 Presentation of Financial Statements - Amendments to IAS 1 %u2013 effective 1 January 2023%u2022 IFRS 3 Business Combinations - Amendments to IFRS 3 - Reference to the Conceptual Framework %u2013 effective 1 January 2022%u2022 IAS 16 Property, Plant and Equipment - Amendments to IAS 16 %u2013 effective 1 January 2022%u2022 IAS 37 Provisions, Contingent Liabilities and Contingent Assets - Amendments to IAS 37 - Onerous Contracts %u2013 effective 1 January 2023%u2022 IFRS 17 Insurance Contracts %u2013 effective 1 January 2023Improvements to International Financial Reporting StandardsThe annual improvement process of the International Accounting Standards Board deals with non-urgent, but necessary clarifications and amendments to IFRS. The following amendments are applicable to periods beginning on or after 1 January 2022 but will result 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)IFRS Subject of AmendmentIFRS 1- IFRS 1 First-time Adoption of International Financial Reporting Standards %u2013 Subsidiary as a first-time adopterIFRS 9- IFRS 9 Financial Instruments %u2013 Fees in the %u201810 per cent%u2019 test for derecognition of financial liabilitiesIAS 41- IAS 41 Agriculture %u2013 Taxation in fair value measurements