Page 232 - ENAV eng_Relazione_Finanziaria_Annuale_2014

230 ENAV – 2014 Financial Statements

35. Transition to international accounting standards

The separate financial statements for the year ended 31 December 2014
are the first complete set of financial statements prepared in accordance
with the IAS/IFRS international accounting standards issued by the
International Accounting Standard Board (IASB) and adopted by the
European Commission, effective at the balance sheet date, following
the introduction of Regulation (EC) No. 1606/2002 of the European
Parliament and of the Council of 19 July 2002. The previous separate
financial statements for the year ended 31 December 2013 were prepared
in accordance with Italian accounting standards.

The ENAV Group’s first set of consolidated financial statements prepared
in accordance with IAS/IFRS international accounting standards were
those for the year ended 31 December 2013. The date of transition to IFRSs
was 1 January 2011.

In order to determine the value to be attributed to assets and liabilities in the
separate financial statements on transition, in accordance with IFRS First-
time Application of International Financial Reporting Standards the Company
elected to continue with the use of the balances stated in the consolidated
financial statements determined as of the ENAV Group’s date of transition,
and accordingly the amounts presented in the following tables, including
those for the First-time Adoption Reserve (FTA reserve) have been
determined in a manner consistent with the amounts determined on the
transition of the ENAV Group.

In order to show the effect of the transition to IFRSs on ENAV’s separate
financial statements, this note provides reconciliations between the
amounts previously stated in accordance with Italian accounting standards
and those recalculated in accordance with IFRSs, together with the relative
commentary.

The following have accordingly been prepared:

l notes on the rules of first-time adoption of IFRSs and the other IFRS
standards selected, including the decisions taken by the directors
on the main optional exemptions permitted by IFRS 1, and on the
way in which the items required to be presented in the statement
of financial position and income statement have been classified
in accordance with IAS 1, with a comparison with the items in the
opening statement of financial position as of 1 January 2013 and as of
31 December 2013;

l reconciliations between equity calculated in accordance with the
previous accounting standards and that calculated in accordance with
IFRSs at the following dates:

- the date of transition to IFRSs (1 January 2013);
- the balance sheet date of the last year in which the financial

statements were prepared in accordance with the previous
accounting standards (31 December 2013);