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184 ENAV – 2014 Financial Statements

the basis of an entity’s business model and the characteristics of the
associated relative contractual cash flows. In addition, the amendments
introduced in November 2013 removed a mandatory effective date for the
standard, which may be applied immediately. The Company is assessing
the accounting effects of applying this standard.

IFRS 14 Regulatory Deferral Accounts. The new standard allows first-time
adopters of IFRSs to continue measuring the amounts relating to rate-
regulated activities in accordance with their previous accounting standards.
The standard does not apply to companies that already prepare financial
statements in accordance with international accounting standards. The
amendments will applicable retrospectively, subject to adoption, for years
beginning on or after 1 January 2015. The application of this standard will
not have any effect for the Company.

IFRS 15 Revenue from Contracts with Customers. This standard, which
replaces IAS 18, IAS 11, IFRIC 13, IFRIC 15, IFRIC 18 and SIC 31, establishes
a framework of reference for recognizing and measuring revenues and the
related disclosures. IFRS was issued in May 2014 and will apply for years
beginning 1 January 2017. The Company is assessing the effects arising
from the application of the new standard.

Amendments to IAS 16 and IAS 38 - Clarification of Acceptable Methods of
Depreciation and Amortization. The IASB issued a number of amendments
to IAS 16 and IAS 38 on 12 May 2014, with the aim of clarifying which
depreciation or amortization methods are acceptable within the scope
of these standards. In particular, the amendments clarify that a method
of depreciation or amortization based on the revenues that may be
generated by the tangible or intangible asset is not considered suitable.
The amendments must be applied prospectively from years beginning
on 1 January 2016; early application is permitted. These amendments
have not yet been adopted by the European Union and ENAV does not
envisage significant accounting effects to arise on the application of the
amendments.

Amendments to IFRS 11 - Accounting for Acquisitions of Interests in Joint
Operations. These amendments provide clarification on the accounting
treatment to be followed on the acquisition of interests in joint operations.
The IASB requires these amendments to apply to financial statements
beginning on or after 1 January 2016. These amendments have not yet been
adopted by the European Union and ENAV does not envisage significant
accounting effects to arise on the application of the amendments.

Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture. On 11 September 2014 the IASB
issued amendments to IFRS 10 Consolidated Financial Statements and IAS
28 Investments in Associates and Joint Ventures in order to coordinate the
accounting treatment of the sale or contribution of assets between an
investor and its associates or joint ventures. The amendments introduced
have the aim of clarifying the accounting treatment of gains and losses
deriving from transactions with joint ventures or associates accounted for
using the equity method. The IASB requires these amendments to apply
to financial statements beginning on 1 January 2016. These amendments