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56 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2022GUARDIAN 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)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 did not result in a 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 - The amendment removes the requirement in paragraph 22 of IAS 41 that entities exclude cash flows for taxation when measuring the fair value of assets within the scope of IAS 41. These amendments had no impact on the consolidated financial statements of the Group as it did not have assets in the scope of IAS 41 as at the reporting date.