Page 77 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Consolidated Financial Statements of the Enav Group 75

2. Form and contents of the Consolidated Financial
Statements

The consolidated financial statements for the year ended 31 December 2014
have been prepared in accordance with the International Financial Reporting
Standards (IFRS) issued by the International Accounting Standards Board
(IASB) and adopted by the European Commission which were effective
at the balance sheet date,which include the interpretations issued by the
International Financial Reporting Interpretations Committee (IFRIC), the
previous International Accounting Standards (IAS) and the interpretations
of the Standard Interpretations Committee (SIC),as adopted by the
European Union and contained in the relative EU Regulations published
up to the date on which the Board of Directors authorized the issue of this
document. For simplicity, the complete set of the above standards and
interpretations are also referred to in the following as “IFRSs”.

The Group has prepared consolidation statements for the years ended
31 December 2011, 2012 and 2013 in accordance with Italian accounting
standards which were approved by the Sole Director on 24 May 2012, 28
March 2013 and 23 April 2014 respectively.

The consolidated financial statements for the years ended 31 December
2011, 2012 and 2013 were restated in 2014 in accordance with IAS/IFRS
international accounting standards and were approved by the Board of
Directors on 24 October 2014; the date of transition to IFRSs for the ENAV
Group was accordingly 1 January 2011.

In order to ensure compliance with the requirements of the accounting
standard governing transition to IFRSs, the reconciliations required by
IFRS 1 First-time Adoption of International Financial Reporting Standards were
presented on restating the consolidated financial statements for the three
years 2011, 2012 and 2013, namely reconciliations between the equity and
the results arising from the application of Italian accounting standards and
those arising from the application of IFRSs.

The consolidated financial statements consist of primary consolidated
financial statements (statement of financial position, income statement,
statement of comprehensive income, statement of changes in equity,
statement of cash flows) and these notes, applying the requirements
of IAS 1 Presentation of Financial Statements and the general criterion of
historical cost, with the exception of items in the financial statements that
are measured at fair value under IFRSs as stated in the accounting policies
adopted for the individual items. The statement of financial position is
presented using a format classifying assets and liabilities into current and
non-current items, while in the income statement expenses are classified
by nature. In addition to including profit or loss for the year, the consolidated
statement of comprehensive income also includes changes in other items
in equity, presentedseparately on the basis of whether they will or will not
subsequently be reclassified to consolidated profit or loss. The consolidated
statement of cash flows has been prepared using the indirect method and
is presented by classifying cash flows into those arising from operating,
investing and financing activities.