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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2021 57GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2021(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2. Significant accounting policies (continued)iii. Changes in accounting policies and disclosuresThe accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group%u2019s annual financial statements for the year ended 31 December 2020, except for the adoption of new standards and interpretations below.New and amended standards and interpretationsAmendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 - Interest Rate Benchmark Reform Phase 2 (effective 1 January 2021)In August 2020, the IASB published Interest Rate Benchmark Reform %u2013 Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16. The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR).The amendments include the following practical expedients:%u2022 A practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest%u2022 Permit changes required by IBOR reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued%u2022 Provide temporary relief to entities from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk componentThe amendments are mandatory, with earlier application permitted. These amendments had no impact on the consolidated financial statements.