Page 102 - ENAV eng_Relazione_Finanziaria_Annuale_2014

100 ENAV – 2014 Financial Statements

began on 1 January 2014. The interpretation was adopted by the European
Union in 2014 and the community regulation has established that it is
applicable at the latest from the commencement date of the first year
beginning on or after 16June 2014. The ENAV Group will accordingly apply
the interpretation from 2015 and does not expect any effects to arise from
the application of the new requirements.

Annual Improvements to IFRSs - 2010-2012 and 2011-2013 cycles. On
12 December 2013 the IASB issued these documents which contain
amendments as part of the annual improvement process for standards,
concentrating on amendments that are considered necessary but not
urgent. The amendments are of a formal nature and regard clarifications
to currently effective standards. It is not expected that the application of
these amendments will lead to any significant effects for the Group.