Page 191 - enav_27052016

ENAV S.p.A. Financial Statement

4. New accounting standards, interpretations and amendments adopted
by the company

As an addition to the accounting standards adopted to prepare the separate financial
statements for the year ended 31 December 2014, the following section sets out the
main changes occurring in 2015 to the accounting standards applicable for the first
time effective from 1 January 2015 that are of relevance to the Company, together
with interpretations and amendments to standards that are not yet effective or not
yet adopted by the European Union and could find application in future consolidated
financial statements.
• IFRIC 21 Levies - This interpretation establishes when an entity must recognize

a liability in its financial statements for an obligation to pay a levy, other than
income taxes, due to the government or, more generally, to local or international
bodies. More specifically, the interpretation requires a liability to be recognised in
the financial statements when the obligating event generating the obligation to
pay a levy occurs, as defined in the legislation. When the obligating events occurs
over a specific time period (for example, generating revenue over a specific time
period), the liability must be recognised progressively. If the obligation to pay is
triggered by reaching a minimum threshold (for example, reaching a minimum
amount of generated revenue), the corresponding liability is recorded at the time
the threshold is reached. The application of this principle has not impacted on the
separate financial statements.
• Annual improvements cycle to IFRS 2011–2013, contains formal changes and
clarification to existing standards. In particular, the following standards have been
amended:
-- IFRS 1 First-time adoption of International Financial Reporting Standard, where

the IASB has clarified that a first-time adopter can adopt a new IFRS, when the
adoption is not yet mandatory, if the IFRS allows for early application.
-- IFRS 3 Business combinations, the amendments made to the standard refer that
a contingent consideration classified as an asset or liability must be measured
at fair value at the close of the period, with effects recognised in the Income
Statement, regardless of whether the contingent consideration is a financial
instrument or a non-financial asset or liability. In addition, it clarifies that the
IFRS 3 is not applicable to operations to establish a joint venture.
-- IFRS 13 Fair value measurement, the amendment clarifies that the exception
allowed by the standard to assess assets and liabilities based on the net portfolio
exposure (the portfolio exception), is applicable to all contracts that fall under
IAS 39 or IFRS 9, even if they do not meet the requirements set by IAS 32 to be
classified as financial assets or liabilities.
-- IAS 40 – Investment property, the amendment clarifies that management’s
assessment is necessary to determine whether the acquisition of an investment
property represents the acquisition of an asset or group of assets or a business
combination according to the provisions of IFRS 3. This assessment must
correspond with the supplementary applications of IFRS 3.

190 ENAV - Annual financial report 2015