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ANNUAL REPORT 2024 81GUARDIAN 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 disclosures (continued)New and amended standards and interpretations (continued)Improvements to International Financial Reporting StandardsThe annual improvements process of the International Accounting Standards Board deals with non-urgent but necessary clarifications and amendments to IFRS. The following amendments are applicable to annual periods beginning on or after 1 January 2026:%u2022 IFRS 1 %u2013 First-time Adoption of International Financial Reporting Standards - Hedge accounting by a first-time adopter%u2022 IFRS 7 %u2018Financial Instruments: Disclosures -Gain or loss on derecognition%u2022 IFRS 9 %u2018Financial Instruments - Derecognition of lease liabilities and Transaction price%u2022 IFRS 10 %u2018Consolidated Financial Statements - Determination of a %u2018de facto agent%u2022 IAS 7 %u2018Statement of Cash Flows - Cost methodiv) 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-ofuse assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities.