Page 66 - Demo

64 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)ix. Financial assets and liabilitiesFinancial investments at amortised costThe Group only measures financial investments at amortised cost if both of the following conditions are met:%u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows%u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.The Group%u2019s financial assets at amortised cost includes trade and other receivables.Debt instruments at FVOCIThe Group applies the categorisation of debt instruments measured at FVOCI when both of the following conditions are met:%u2022 The instrument is held within a business model, the objective of which is achieved by both collecting contractual cash flows and selling financial assets.%u2022 The contractual terms of the financial asset meet the SPPI test.FVOCI debt instruments are subsequently measured at fair value with gains and losses arising due to changes in fair value recognised in OCI. Interest income and foreign exchange gains and losses are recognised in profit or loss in the same manner as for financial assets measured at amortised cost. The Group held no assets categorised as FVOCI as at 31 December 2022.Equity instruments at FVOCIUpon initial recognition, the Group occasionally elects to classify irrevocably some of its equity investments as equity instruments at FVOCI when they meet the definition of Equity under IAS 32 Financial Instruments: Presentation and are not held for trading. Such classification is determined on an instrument-by-instrument basis.