Page 184 - ENAV eng_Relazione_Finanziaria_Annuale_2014

182 ENAV – 2014 Financial Statements

Financial Statements. The standard introduces a new model for assessing
whether control exists (an essential assumption for consolidating an
equity investment), leaving the consolidation techniques provided in the
previous IAS 27 unchanged. Unlike the previous accounting standards with
respect to which an analysis of the assumption of control was connected,
if a majority of real or potential voting rights is not held, on analyzing the
risks and rewards connected with the investment the new standard IFRS
10 places emphasis on the existence of the following conditions, for which
an assessment is essential for determining whether control exists: the
investor’s exposure to variable returns from involvement with the investee;
and a connection between power and returns, meaning the investor’s ability
to use its power over the investee to affect the amount of the investor’s
returns. The application of this standarddid not lead to any changes in the
preparation of the separate financial statements.

IAS 27 Separate Financial Statements. IAS 27 was amended when IFRS
10 and IFRS 12 were issued: apart from the change of the standard’s
name, the amendments regard the elimination of all references to the
preparation of consolidated financial statements, leaving the remaining
provisions unchanged. The present IAS 27 only deals with the recognition
and measurement criteria and disclosure requirements for investments
in subsidiaries, associates and joint ventures when an entity prepares
separate financial statements. The application of this standard did not lead
to any changes in the preparation of the separate financial statements.

IFRS 11 Joint Arrangements. This standard supersedes IAS 31 Interests in Joint
Ventures and SIC 13 Jointly Controlled Entities – Non-Monetary Contributions
by Venturers. The new standard introduces a different process for assessing
joint arrangements, giving preference to an analysis of the rights and
obligations assigned to the parties to the arrangement rather than an
assessment of the form of the arrangement on which the previous model
was based. The application of this standarddid not have any effect on the
preparation ofthe separate financial statements.

IAS 28 Investments in Associates and Joint Ventures. IAS 28 was amended
when IFRS 11 and IFRS 12 were issued: the new standard deals with the
application of the equity method, which must be used in consolidated
financial statements to account for investments in associates and joint
ventures. The application of this standard had no effect on the preparation
of the separate financial statements.

IFRS 12 Disclosure of Interests in Other Entities. This standard governs the
disclosures that entities must provide for interests in subsidiaries, joint
operations and joint ventures, associates and structured entities. The
application of this standard had no effect on the preparation of the separate
financial statements.

Amendments to IAS 32- Offsetting Financial Assets and Financial Liabilities.
IAS 32 states that a financial asset and a financial liability must be offset
and the net amount presented in the balance sheet when and only when
an entity: