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ANNUAL REPORT 2023 67GUARDIAN 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)Standards issued but not yet effectiveThe new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group%u2019s 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 Amendments to IAS 1: Classification of Liabilities as Current or Non-current %u2013 Effective 1 January 2024%u2022 Supplier Finance Arrangements %u2013 Amendments to IAS 7 and IFRS 7 %u2013 Effective 1 January 2024%u2022 Amendments to IFRS 16: Lease Liability in a Sale and Leaseback %u2013 Effective 1 January 2024iv) LeasesThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.i) Right-of-use assetsThe Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities.