Page 99 - enav_27052016

ENAV Group Consolidated Financial Statements

Amendments to IFRS 11 - recognition of the acquisition of an interest in a joint
arrangement.The amendments refer to clarification on the recognition of acquisitions
of an interest in a joint arrangement. The IASB requires these amendments to apply
to financial statements beginning on or after 1 January 2016. These amendments
have not yet been adopted by the European Union and ENAV does not envisage
significant accounting effects to arise on their application.
Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets between an Investor
and itsAssociate or JointVenture. On 11 September 2014 the IASB issued amendments
to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates
and Joint Ventures in order to coordinate the accounting treatment of the sale or
contribution of assets between an investor and its associates or joint ventures.
The amendments introduced have the aim of clarifying the accounting treatment
of gains and losses deriving from transactions with joint ventures or associates
accounted for using the equity method. The IASB requires these amendments to
apply to financial statements beginning on 1 January 2016. 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.
Amendments to IAS 27 -Equity Method in Separate Financial Statements. The
amendments allow entities to use the equity method to account for investments
in subsidiaries, joint ventures and associates in their separate financial statements.
The amendments are effective for years beginning on or after 1 January 2016; early
application is permitted. The Group does not envisage significant accounting effects
to arise on the application of the amendments.
Amendments to IFRS 10, IFRS 12 and IAS 28 – Investments Entities: Applying the
Consolidation Exception.The amendments clarify that if the parent company prepares
financial statements in accordance with IFRS 10, the exemption from preparing
consolidated financial statements extends to the subsidiaries of an investment
entity, in turn qualified as investment entities. It is not expected that the application
of these amendments will lead to any effects on the preparation of the consolidated
financial statements.
IFRS 16 – Leases, issued in January 2016, replaces the previous standard on leasing,
namely IAS 17 and the relative interpretations. It identifies the criteria for recording,
measuring and presenting as well as disclosures to be made regarding leasing
contracts for both parties, the lessor and lessee. Even though IFRS 16 does not
change the definition for a leasing contract provided by IAS 17, the main difference
is the introduction of the concept of control within the definition itself. In particular,
in order to determine whether a contract is a leasing contract or not, IFRS 16 requires
that an assessment be performed as to whether the lessee is entitled to control the
use of a specific asset over a specific time period. IFRS 16 eliminates the classification

98 ENAV - Annual financial report 2015