Bilancio Ansaldo - Ansaldo Energia

ANSALDO ENERGIA ANNUAL REPORT 2011
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Current taxes are calculated on the basis of tax legislation in force in the countries where the Company
operates on the balance sheet date; any risks regarding different interpretations of positive or negative
income items, and likewise any pending disputes with tax authorities, are assessed at least quarterly and
the provisions recorded in the financial statements adjusted accordingly.
Deferred tax assets and liabilities are calculated based on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
Deferred tax assets and liabilities are calculated applying the tax rate which is forecasted to be at the time
the temporary differences will be reversed; this forecast is determined based on the tax legislation in force
or substantially in force at the reference date for the period. Deferred tax assets are recognised to the
extent that it is probable the company will post taxable income at least equal to the temporary differences in
the financial periods in which such assets will be reversed.
Employee benefits
Post-employment benefit plans
The Company uses several types of pension and supplementary benefit plans, which can be classified as
follows:
� Defined contribution plans in which the company pays fixed amounts to a distinct entity (e.g. a fund) but
has no legal or constructive obligation to make further payments if the fund does not have sufficient
assets to pay the benefits accrued by employees during their period of employment with the company. The
company recognises the contributions to the plan only when employees rendered their services to the
company specifically in exchange for these contributions;
� Defined benefit plans in which the company undertakes to provide agreed benefits for current and former
employees and incur the actuarial and investment risks associated with the plan. The cost of the plan is
therefore not determined by the amount of the contributions payable in the financial period but, rather, is
assessed with reference to demographic and statistical assumptions and wage trends. The methodology
used is the projected unit credit method.
As a result of this option, the value of the liability recorded in the financial statements is aligned with its
actuarial evaluation, with full and immediate recognition of actuarial gains and losses in the income
statement in the period in which they occur, through a special reserve under shareholders’ equity (“Reserve
for actuarial gains (losses) recognised in equity”).
Other long-term benefits and post-employment benefit plans
The Company grants employees other benefits (such as seniority bonuses after a given period of service with
the company) that, in some cases, continue to be provided after retirement (for example, medical care).
These receive the same accounting treatment as defined benefit plans, using the projected unit credit
method. However, the corridor approach cannot be used for ‘other long-term benefits’. Consequently, net
actuarial gains and losses are recognised both immediately and fully as they occur, including related social
charges.
Benefits payable for the termination of employment and incentive plans
Termination benefits are recognised as liabilities and expenses when the enterprise is demonstrably
committed to terminating the employment of an employee or group of employees before the normal
retirement date or to providing termination benefits as a result of an offer made in order to encourage
voluntary redundancy.
The benefits payable to employees for the termination of employment do not bring any future economic
benefit to the enterprise and are therefore recognised immediately as expenses.
NOTES TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 2011