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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2022 53GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2022(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 2021, except for the adoption of new standards and interpretations below.New and amended standards and interpretationsAmendments to IFRS 3 Business Combinations %u2013 Reference to the Conceptual Framework (effective 1 January 2022)In May 2022, the IASB issued Amendments to IFRS 3 Business Combinations %u2013 Reference to the Conceptual Framework. The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential %u2018day 2%u2019 gains or losses arising for liabilities and contingent liabilities that would be within the scope of the IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date.The amendments must be applied prospectively, with earlier application permitted. These amendments had no impact on the consolidated financial statements.