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ENAV Group Consolidated Financial Statements

New accounting standards, interpretations and amendments
for periods beginning on or after 01 January 2016 not adopted
by the Group

Amendments to IAS 19 - Defined Benefit Plans: Employee Contributions. The aim
of the amendments, issued in November 2013, is to clarify how to recognize the
contributions paid by employees as part of a defined benefit plan. More specifically,
when contributions are linked to service they must be recognized as a reduction in
the service cost: over the period when employees render their service if the amount
of contributions is dependent on the number of years of service or in the period in
which the service is rendered if the amount of contributions is independent of the
number of years of service.
The amendments are applicable retroactively as from the financial periods starting
1 January 2016, subject to adoption. The Group is assessing the effects arising from
the application of the new standard.
IFRS 9 Financial Instruments. Issued in November 2009 and subsequently revised, this
standard represents the first of the three stages of the project to replace IAS 39. The
new standard established the criteria for classifying financial assets and liabilities.
Financial assets must be classified on the basis of an entity’s business model and
the characteristics of the associated relative contractual cash flows. In addition, the
amendments introduced in November 2013 removed a mandatory effective date
for the standard, which may be applied immediately. The Group is assessing the
accounting effects of applying this standard.
IFRS 14 Regulatory Deferral Accounts. The new standard allows first-time adopters
of IFRSs to continue measuring the amounts relating to rate-regulated activities
in accordance with their previous accounting standards. The standard does not
apply to companies that already prepare financial statements in accordance with
international accounting standards. The amendments will applicable retrospectively,
subject to adoption, for years beginning on or after 1 January 2016. The application
of this standard will not have any effect for the Group.
IFRS 15 Revenue from Contracts with Customers. Replaces IAS 18, IAS 11, IFRIC 13,
IFRIC 15, IFRIC 18 and SIC 31. The standard defines the reference framework for
recognising and measuring revenue, and the relevant disclosure. IFRS 15 was issued in
May 2014 and will apply for years beginning 01 January 2018. The Group is assessing
the effects arising from the application of the new standard.
Amendments to IAS 16 and IAS 38 - Clarification ofAcceptable Methods of Depreciation
and Amortization. On 12 May 2014, the IASB published certain amendments to IAS
16 and IAS 38. The amendments aim to clarify which depreciation and amortisation
methodologies are acceptable within the scope of the standard. In particular, the
amendments clarify that a method of depreciation or amortization based on the
revenues that may be generated by the tangible or intangible asset is not considered
suitable. The amendments are to be applied as from the financial periods starting 1
January 2016, and early application is permitted. These amendments have not yet
been adopted by the European Union and the Group does not envisage significant
accounting effects to arise on their application.

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