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ANNUAL REPORT 2024 79GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024(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 2023, except for the adoption of new standards and interpretations below.New and amended standards and interpretationsAmendments to IFRS 16 - Lease Liability in a Sale and LeasebackThe amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains.The amendments had no impact on the Group%u2019s financial statements. Amendments to IAS 1 - Classification of Liabilities as Current or Non-current The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify: %u2022 What is meant by a right to defer settlement %u2022 That a right to defer must exist at the end of the reporting period %u2022 That classification is unaffected by the likelihood that an entity will exercise its deferral right %u2022 That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classificationIn addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity%u2019s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments had no impact on the Group%u2019s financial statements.