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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2022 55GUARDIAN 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 disclosures (continued)New and amended standards and interpretations (continued)Amendments to IAS 37 %u2013 Onerous Contracts %u2013 Costs of Fulfilling a Contract (effective 1 January 2022) (continued)The amendment must be applied prospectively to contracts for which an entity has not yet fulfilled all of its obligations at the beginning of the annual reporting period in which it first applies the amendments (the date of initial application). Earlier application is permitted and must be disclosed.These amendments had no impact on the consolidated financial statements.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 IFRS 17 Insurance Contracts %u2013 effective 1 January 2023%u2022 Amendments to IAS 1 Presentation of Financial Statements - Classification of liabilities as Current or Non-current %u2013 effective 1 January 2023%u2022 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and errors - Definition of accounting estimates %u2013 effective 1 January 2023%u2022 Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of accounting policies %u2013 effective 1 January 2023%u2022 Amendments to IAS 12 Income Taxes - Deferred tax related to assets and liabilities arising from a single transaction %u2013 effective 1 January 2023