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76 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2020 FINANCIALS 2020GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2020(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)3. Significant accounting estimates, assumptions and judgments (continued)Impact of COVID-19BackgroundCOVID-19, which is a respiratory illness caused by a new virus, was declared a world-wide pandemic by the World Health Organisation in 11 March 2020. The Group has considered the impact of COVID-19 in preparing its consolidated financial statements. Consideration of the consolidated statement of financial position and further disclosuresKey considerations of the impact of COVID-19 on the consolidated statement of financial position sheet items and related disclosures were as follows:%u2022 Expected credit losses - Trade and other receivablesFor trade and other receivables, the Group adopted the simplified approach for determining the provision for expected credit losses, as permitted by IFRS 9.In response to the COVID-19 pandemic, the Group assessed the need to adjust the loss rates to incorporate forward-looking information, taking into account the expected recovery rate of receivables and various applicable macroeconomic factors. Based on the analysis performed as at 31 December 2020, no material overlay adjustments specifically related to the COVID-19 pandemic was considered necessary.%u2022 Impairment of intangible assetsThe effects of COVID-19 on future cashflows, were taken into account in the Group%u2019s assessment of the impairment of goodwill and other intangible assets.%u2022 Going concernIn accordance with the requirements of IAS 1 %u2018Presentation of Financial Statements%u2019, the Group has performed a going concern assessment as of the reporting date. While the COVID-19 pandemic has heightened the inherent uncertainty in the going concern assessment, the Group has concluded that there are no material uncertainties that may cast significant doubt on its ability to continue to operate as a going concern. The consolidated financial statements have therefore been prepared on the going concern basis.