Page 169 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Financial Statements of ENAV SpA 167

2. Form and contents of the financial statements

The financial statements for the year ended 31 December 2014 have
been prepared in accordance with the International Financial Reporting
Standards (IFRS) issued by the International Accounting Standards Board
(IASB) and adopted by the European Commission which were effective
at the balance sheet date, which include the interpretations issued by the
International Financial Reporting Interpretations Committee (IFRIC), the
previous International Accounting Standards (IAS) and the interpretations
of the Standard Interpretations Committee (SIC), as adopted by the
European Union and contained in the relative EU Regulations published
up to the date on which the Board of Directors authorized the issue of this
document. For simplicity, the complete set of the above standards and
interpretations are also referred to in the following as “IFRSs”.

Starting from the year ended 31 December 2014 the Company has made
the election provided in articles 3 and 4 of Legislative Decree no. 38 of
28 February 2005 which governs the exercising of the options prescribed
by article 5 of European Regulation (EC) no. 1606/2002 on international
accounting standards, and has applied IFRSs in the preparation of its
separate financial statements. In previous years ENAV prepared its separate
financial statements in accordance with Italian accounting standards
pursuant to Legislative Decree no. 127 of 9 April 1991 as interpreted by
the accounting standards issued by the Organismo Italiano di Contabilità
(OIC),the Italian accounting standards setter.

These separate financial statements for the year ended 31 December
2014 are accordingly the first set of statements that ENAV has prepared in
accordance with IFRSs. Details on transition to IFRSs are provided in note
35, to which reference should be made.

The financial statements consist of primary financial statements (statement
of financial position, income statement, statement of comprehensive
income, statement of changes in equity, statement of cash flows) and
these notes, applying the requirements of IAS 1 Presentation of Financial
Statements and the general criterion of historical cost, with the exception
of items in the financial statements that are measured at fair value under
IFRSs as stated in the accounting policies adopted for the individual
items. The statement of financial position is presented using a format
classifying assets and liabilities into current and non-current items, while
in the income statement expenses are classified by nature. In addition to
including profit or loss for the year, the statement of comprehensive income
also includes changes in other items in equity, presented separately on the
basis of whether they will or will not subsequently be reclassified to profit
or loss. The statement of cash flows has been prepared using the indirect
method. The applications of IFRSs has been made in accordance with the
recommendations provided in the “Framework for the Preparation and
Presentation of Financial Statements” and no critical matters arose which
required departure from IFRSs within the meaning of IFRS 1.

The separate financial statements, which have been prepared on a going
concern basis, are presented in euros, ENAV’s functional currency. All the