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ANNUAL REPORT 2023 75GUARDIAN 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)ix) Financial assets and liabilities (continued)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 2023.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.Gains and losses on these equity instruments are never recycled to profit. Dividends are recognised in profit or loss as other operating income when the right of the payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the instrument, in which case, such gains are recorded in OCI. Equity instruments at FVOCI are not subject to an impairment assessment. The Group held no assets categorised as Equity instruments at FVOCI as at 31 December 2023.Financial assets and financial liabilities at fair value through profit or lossInvestments in equity instruments are classified as fair value through profit or loss unless the Group designates an investment that is not held for trading as fair value through OCI on initial recognition. The Group has designated the investments in equity instrument that are held for trading as fair value through profit or loss on initial application of IFRS 9.