Page 233 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Financial Statements of ENAV SpA 231

l a reconciliation of the financial position and results from operations
reported in the last financial statements prepared in accordance with
the previous accounting standards (year ended 31 December 2013)
and those arising from the application of IFRSs for the same year;

l notes to the reconciliations;
l separate statements of the IFRS financial position at 1 January 2013

and at 31 December 2013 and the separate IFRS income statement
and statement of comprehensive income for the year ended 31
December 2013.

These reconciliations have only been prepared for the purposes of drawing
up, on transition, the first complete set of separate financial statements
prepared in accordance with the IFRSs adopted by the European
Commission and do not include the comparative figures or notes that are
necessary to provide a complete presentation of ENAV’s financial position
and results from operations in accordance with IFRSs.

It should also be noted that they have been prepared in accordance
with the whole hierarchy of the pronouncements issued by the IASB,
consisting of International Accounting Standards (IAS), International
Financial Reporting Standards (IFRS) and the interpretations issued by the
International Financial Reporting Interpretations Committee (IFRIC) and
the previous Standard Interpretations Committee (SIC), as adopted by the
European Union.

IFRS 1 requires a retrospective approach to be taken to the first set of
financial statements prepared in accordance with IFRSs, meaning that the
opening set of financial statements must be prepared in accordance with
the standards and interpretations effective in the year of first application,
and accordingly the applicable standards are those in effect on the
preparation of the separate financial statements for the year ended 31
December 2014.

Notes on first-time application rules

The effects of the transition to IFRSs arise from changes in accounting
principle and accordingly, as required by IFRS 1, are recognized in opening
net equity at the date of transition, 1 January 2013.

On transition to IFRSs, the estimates previously made under Italian
accounting standards were maintained, unless the adoption of international
accounting standards required estimates to be made using different
methods.

On first-time application ENAV elected took certain decisions regarding
the optional exemptions permitted by IFRS 1 when preparing the opening
balance sheet:

l business combinations: the Company has not applied IFRS 3
retrospectively to business combinations that occurred before the
date of transition to IFRSs;

l measurement of property, plant and equipment at fair value, or,