Page 98 - ENAV eng_Relazione_Finanziaria_Annuale_2014

96 ENAV – 2014 Financial Statements

New accounting standards, interpretations and amendments
adopted by the company

As an addition to the accounting standards adopted to prepare the
consolidated financial statements for the year ended 31 December 2013,
the following section sets out the main changes occurring in 2014 to the
accounting standards of first-time application effective from 1 January
2014 that are of relevance to the Group, together with interpretations and
amendments to standardswhich are not yet effective and have not yet been
adopted by the European Unionbut which could apply to the consolidated
financial statements in the future.

IFRS 10 Consolidated Financial Statements. This standard supersedes SIC
12 Consolidation – Special Purpose Entities and, limited to the part relating
to consolidated financial statements, IAS 27 Consolidated and Separate
Financial Statements. The standard introduces a new model for assessing
whether control exists (an essential assumption for consolidating an
equity investment), leaving the consolidation techniques provided in the
previous IAS 27 unchanged. Unlike the previous accounting standards with
respect to which an analysis of the assumption of control was connected,
if a majority of real or potential voting rights is not held, on analyzing
the risks and rewards connected with the investment the new standard
IFRS 10 places emphasis on the existence of the following conditions,
for which an assessment is essential for determining whether control
exists: the investor’s exposure to variable returns from involvement with
the investee; and a connection between power and returns, meaning the
investor’s ability to use its power over the investee to affect the amount of
the investor’s returns. The application of this standard, on a retrospective
basis, did not lead to any changes in the preparation of these consolidated
financial statements.

IAS 27 Separate Financial Statements. IAS 27 was amended when IFRS
10 and IFRS 12 were issued: apart from the change of the standard’s
name, the amendments regard the elimination of all references to the
preparation of consolidated financial statements, leaving the remaining
provisions unchanged. The present IAS 27 only deals with the recognition
and measurement criteria and disclosure requirements for investments
in subsidiaries, associates and joint ventures when an entity prepares
separate financial statements.

IFRS 11 Joint Arrangements. This standard supersedes IAS 31 Interests
in Joint Ventures and SIC 13 Jointly Controlled Entities – Non-Monetary
Contributions by Venturers. The new standard introduces a different process
for assessing joint arrangements, giving preference to an analysis of the
rights and obligations assigned to the parties to the arrangement rather
than an assessment of the form of the arrangement on which the previous
model was based. The application of this standard, on a retrospective basis,
did not lead to any changes in the consolidation scope used to prepare
these consolidated financial statements.

IAS 28 Investments in Associates and Joint Ventures. IAS 28 was amended when
IFRS 11 and IFRS 12 were issued: the new standard deals with the application of