National Bank of Canada (the “Bank”) (TSX: NA) today released changes to its Supplementary Financial Information for the fiscal years ended October 31, 2022, and 2021.
The Bank reviewed its method for the sectoral allocation of technology investment expenses. Certain expenses incurred for projects, in particular expenses incurred during the research phase, were previously recorded in the Other heading of segment results. As of November 1, 2022, all expenses recorded to results for technology projects are immediately allocated to the various business segments that will receive the benefits therefrom.
This review is consistent with the accounting policy change applied in fiscal 2022 related to the costs of configuring or customizing a supplier’s software in a cloud computing arrangement.
The changes were applied between the segments and had no impact on consolidated results. The Bank’s results for the first quarter of 2023, which will be published on March 1, 2023, will reflect these changes.
The revised Supplementary Financial Information can be found on the Bank’s Investor Relations page at https://www.nbc.ca/en/about-us/investors/investor-relations/quarterly-results.html