National Bank of Canada (the Bank) today released a proposed template
for supplementary financial information, which has been updated to
reflect the impact of the Bank’s adoption of IFRS 9 – Financial
Instruments (IFRS 9), which has replaced IAS 39 – Financial
Instruments: Recognition and Measurement (IAS 39).
This template is being released before quarter-end to help readers
of the Bank’s financial results better understand the impact of these
changes. Additional updates may be made to the supplementary financial
information template for the first quarter of 2018. A financial
information supplement entitled “Supplementary Financial
Information for the First Quarter of 2018 – Released on February 13,
2018 to Reflect the Adoption of IFRS 9” is now available on the
Bank’s website at nbc.ca.
On November 1, 2017, the Bank early adopted IFRS 9, as had been
mentioned in Note 2 to its audited annual consolidated financial
statements for the year ended October 31, 2017. As permitted by IFRS
9, the Bank did not restate comparative consolidated financial
statements. The Bank accounted for the differences between the former
and new methods of measuring financial instrument carrying amounts
through an adjustment to opening equity. Consequently, the Bank’s
fiscal 2018 results will reflect the adoption of IFRS 9, whereas
prior-period results will be presented in accordance with IAS 39.
The Bank intends to provide additional information on the impact of
adopting IFRS 9 in its report to shareholders for the first quarter of
2018, which will be available on February 28, 2018.
Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements.
These statements are inherently subject to significant risks,
uncertainties and changes in circumstances, many of which are beyond
the control of the Bank. Except as required by law, the Bank does
not undertake to update any forward-looking statements, whether
written or oral, that may be made from time to time, by it or on its
behalf. The forward-looking information contained in this press
release is presented for the purpose of interpreting the information
contained herein and may not be appropriate for other purposes.
About National Bank of Canada
With $246 billion in assets as at October 31, 2017, National Bank of Canada, together
with its subsidiaries, forms one of Canada's leading integrated
financial groups. It has more than 21,000 employees in
knowledge-intensive positions and has been recognized numerous times
as a top employer and for its commitment to diversity. Its
securities are listed on the Toronto Stock Exchange (TSX: NA).
Follow the Bank’s activities at nbc.ca or via social media such as Facebook,