Page 182 - ENAV eng_Relazione_Finanziaria_Annuale_2014

180 ENAV – 2014 Financial Statements

Estimates and assessments

As required by international accounting standards the preparation of
financial statements requires estimates and assessments to be made that
are reflected in the determination of the carrying amount of assets and
liabilities and the disclosures provided in the notes, including those relating
to outstanding contingent assets and liabilities at the end of the year. These
estimates and assessments are used in particular to determine the cash
flows underlying the calculation of the impairment of assets, provisions for
risks and charges, employee benefits, the discounting of the “balance” and
deferred tax assets and liabilities.

The actual results might accordingly differ from those estimates. Estimates
and assessments are regularly reviewed and updated and the effects of
any changes are immediately recognized in the financial statements.

For a complete analysis of the discretional assessments and significant
accounting estimates made by management reference should be made to
the consolidated financial statements.

Translation of items in foreign currency

Assets and liabilities arising from transactions in a currency that is not ENAV’s
functional currency are recognized at the exchange rate at the date of the
transaction. At year end these assets and liabilities are translated using the
exchange rate at the balance sheet date and the relative exchange gains and
losses are recognized in profit or loss.

Non-monetary assets denominated in foreign currency and recognized at
cost are translated using the rate of exchange in force at the date of the initial
recognition of the transaction.

New accounting standards, interpretations and amendments
adopted by the company

The accounting standards used to prepare the separate financial statements
of ENAV include any changes effective from 1 January 2014 and the IFRS
improvements issued in 2014.

The section below sets out the main changes occurring in 2014 together
with an assessment of the effects on the Company’s financial statements,
followed by the interpretations and amendments to standards which are
already applicable but which are not yet effective or have not yet been
adopted by the European Union, and which could apply to the separate
financial statements of ENAV in the future.

IFRS 10 Consolidated Financial Statements. This standard supersedes SIC
12 Consolidation – Special Purpose Entities and, limited to the part relating
to consolidated financial statements, IAS 27 Consolidated and Separate