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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2021 61GUARDIAN 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 disclosures (continued)Improvements 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.IFRS Subject of AmendmentIFRS 1 %u2013 IFRS 1 First-time Adoption of International Financial Reporting Standards %u2013 Subsidiary as a first-time adopter - effective 1 January 2022IFRS 9 %u2013 IFRS 9 Financial Instruments %u2013 Fees in the %u201910 per cent%u2019 test for derecognition of financial liabilities - effective 1 January 2022IAS 41 %u2013 Agriculture %u2013 Taxation in fair value measurements - effective 1 January 2022