Page 97 - enav_27052016

ENAV Group Consolidated Financial Statements

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
consolidated 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 8 Operating segments, the amendments introduced require that
disclosure is made by management on the assessments made in applying
the aggregation criteria for operating segments, including the description
of aggregated operating segments and the economic indicators considered
when determining whether such operating segments had similar economic
characteristics. Furthermore, the reconciliation between the total assets of
operating segments and the total assets for the entity must only be provided
if the total assets for the operating segments are duly provided to corporate
management.
-- 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.

96 ENAV - Annual financial report 2015