Page 185 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Financial Statements of ENAV SpA 183

l currently has a legally enforceable right to set off the recognized
amounts; and

l intends either to settle on a net basis or to realize the asset and settle
the liability simultaneously.

The amendments introduced clarify certain essential requirements for
offsetting financial assets and liabilities.

The application of this standard had no effect on the preparation of the
separate financial statements.

Amendments to IAS 36- Recoverable Amount Disclosures for Non-Financial
Assets. The amendments made to this standard consist of eliminating the
disclosures introduced by IFRS 13 and requiring specific disclosures on the
measurement of fair value to be made when the recoverable amount of
the impaired assets is based on fair value less costs to sell. In addition,
the amendments require disclosures on the recoverable value of the assets
or CGU for which an impairment loss has been recognized or reversed
during the period. The application of this standard had no effect on the
preparation of the separate financial statements.

Amendments to IAS 39 Novation of Derivatives and Continuation of
Hedge Accounting. The aim of the amendments is to enable companies,
when specific conditions are met, not to discontinue hedge accounting
in circumstances when a hedging instrument is novated with a central
counterparty (CPP) as a result of laws and regulations. The amendments
are applicable retrospectively for years beginning on 1 January 2014. The
future application of the new requirements will have no effect for the
Company. The application of this standard had no effect on the preparation
of the separate financial statements.

New accounting standards, interpretations and amendments for
periods beginning on 1 January 2015 not adopted by the Company

Amendments to IAS 19- Defined Benefit Plans: Employee Contributions. The
aim of the amendments, issued in November 2013, is to clarify how to
recognize the contributions paid by employees as part of a defined benefit
plan. More specifically, when contributions are linked to service they must
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 Company 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