Page 67 - Demo

ANNUAL REPORT 2023 65GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2023(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2. Material accounting policy information (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 2022, except for the adoption of new standards and interpretations below.New and amended standards and interpretationsDefinition of Accounting Estimates %u2013 Amendments to IAS 8The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates.The amendments had no impact on the consolidated financial statements of the Group. Disclosure of Accounting Policies %u2013 Amendments to IAS 1 and IFRS Practice Statement 2The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their %u2018significant%u2019 accounting policies with a requirement to disclose their %u2018material%u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures.The amendments have had an impact on the Group%u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group%u2019s financial statements.