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98 ENAV – 2014 Financial Statements

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 retrospectively, subject to adoption, for
years beginning on 1 January 2015. The Group is assessing any effects that
may arise from the future application of the new requirements.

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 2015. The application of this standard will
not have any effect for the Group.

IFRS 15 Revenue from Contracts with Customers. This standard, which
replaces IAS 18, IAS 11, IFRIC 13, IFRIC 15, IFRIC 18 and SIC 31, establishes
a framework of reference for recognizing and measuring revenues and the
related disclosures. IFRS was issued in May 2014 and will apply for years
beginning 1 January 2017. The Group is assessing the effects arising from
the application of the new standard.

Amendments to IAS 16 and IAS 38 - Clarification of Acceptable Methods of
Depreciation and Amortization. The IASB issued a number of amendments
to IAS 16 and IAS 38 on 12 May 2014, with the aim of clarifying which
depreciation or amortization methods are acceptable within the scope
of these standards. 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 must be applied prospectively from years beginning on
1 January 2016; 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 the application of the
amendments.

Amendments to IFRS 11- Accounting for Acquisitions of Interests in Joint
Operations These amendments provide clarification on the accounting
treatment to be followed on the acquisition of interests in joint operations.
The IASB requires these amendments to apply to financial statements