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66 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES GUARDIAN 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 disclosures (continued)New and amended standards and interpretations (continued)Deferred Tax related to Assets and Liabilities arising from a Single Transaction %u2013 Amendments to IAS 12The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities.These amendments had no impact on the consolidated financial statements of the Group.International Tax Reform%u2014Pillar Two Model Rules %u2013 Amendments to IAS 12 The amendments to IAS 12 have been introduced in response to the OECD%u2019s BEPS Pillar Two rules and include:%u2022 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and %u2022 Disclosure requirements for affected entities to help users of the financial statements better understand an entity%u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary exception %u2013 the use of which is required to be disclosed applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after 1 January 2023, but not for any interim periods ending on or before 31 December 2023. The amendments had no impact on the consolidated financial statements of the Group.