MONTREAL, Feb. 13, 2018 /CNW Telbec/ - 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, LinkedIn and
Twitter.
SOURCE National Bank of Canada