Page 90 - ENAV eng_Relazione_Finanziaria_Annuale_2014

88 ENAV – 2014 Financial Statements

unit level. The assessment that an intangible asset has an indefinite life is
reviewed annually to determine whether that assessment still holds. If not,
the change in the useful life assessment from indefinite to finite is applied
on a prospective basis.

The Group does not have any intangible assets with indefinite useful lives
with the exception of the goodwill arising on the business combination.

Investments in other companies

Investments in other companies are measured at fair value. If fair value
cannot be reliably determined the cost method is used.

Financial assets

Financial assets are initially recognized at fair value, adjusted for any
transaction costs, and are subsequently measured at amortized cost using
the effective interest method less any impairment losses.
Impairment losses consist of the difference between the carrying amount
and the present value of future cash flows discounted using the original
effective interest rate.

Trade and other receivables

Trade receivables and other receivables are initially accounted for at fair
value and are subsequently measured at amortized cost less a bad debts
allowance.

If the due date of trade receivables and other current assets does not fall
within normal commercial terms and the receivables or assets do not bear
interest, an analytical discounting process is carried out on the basis of
assumptions and estimates. Trade receivables whose due dates do not
fall within normal commercial terms are not discounted. Trade and other
receivables are classified as current assets, except for those having a due
date exceeding twelve months from the balance sheet date which are
classified as non-current assets.