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232 ENAV – 2014 Financial Statements

alternatively, at revalued cost as deemed cost: the Company did not
elect for this option.

In addition, ENAV selected the following accounting treatment as part of
the accounting options permitted by IFRSs:

l measurement of property, plant and equipment and intangible
assets:subsequent to initial recognition, IAS 16 and IAS 38 allow these
assets to be measured at cost or fair value. The Company elected to
use the cost method;

l inventories: under IAS 2, the cost of inventories must be assigned
by using the FIFO or weighted average cost formula. The Company
elected to use the weighted average cost formula.

Reconciliation of equity and results between the financial statements
prepared in accordance with Italian accounting standards and those
prepared in accordance withifrss

The differences arising between the use of IFRSs and the use of Italian
accounting standards (Italian GAAP) for determining the opening net
equity at 1 January 2013 and at 31 December 2013 and the results for the
year ended 31 December 2013 are set out in the following reconciliation.

The individual items are stated before tax while the tax effects are
presented cumulatively in note F.

Note Description Equity Change in Net income Comprehensive Equity
at 31.12.2013
A Equity under Italian GAAP at 01.01.2013 equity in 2013 for the year income
B IAS 38 Intangible Assets 1,298,818
IAS 16 Property, plant 1,288,897 (40,607) 50,528 0 (3,215)
C and Equipment (4,651) 0 1,436 0
D IAS 39 Financial (837)
E Instruments (1,410) 0 573 0
F IAS 18 Revenue
IAS 19 Employee Benefits 701 0 (1,039) (671) (1,009)
Taxation
Total IFRS adjustments (2,628) 0 797 0 (1,831)
Equity under IFRSs 1,572 0 (353) 1,533 2,752
1,133 0 (762) (237) 134
0
(5,283) (40,607) 652 625 (4,006)
1,283,614 51,180 625 1,294,812