ENI » Topics » (v) Deferred income

This excerpt taken from the ENI 20-F filed Jun 8, 2009.

(v)    Deferred income

 

During 2000, fiber optic cable was contributed to the Company in return for granting the contributing company access to the fiber optic network after installation in the Company’s electricity distribution system. Under Chilean GAAP, the contributed assets were recorded at their fair market value, with a corresponding credit recognized as income in 2000. Under U.S. GAAP, the amount was deferred and amortized over the life of the related service contract. This adjustment reverses the gain under Chilean GAAP and records the amortization of the deferred income recognized under U.S. GAAP.

 

The effect on shareholders’ equity and net income for the years presented is included in (ee) below.

 

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