As disclosed in BMO's 2023 Consolidated Financial Statements, upon transition to IFRS 17, we applied the full retrospective approach to our creditor business and the fair value approach to all other products written prior to
In addition, we have reflected the following reclassifications, which do not impact the banks' fiscal 2022 and 2023 reported and adjusted net income:
Effective the first quarter of 2024, we voluntarily changed our accounting policy for securities transactions from settlement date to trade date. This change was applied retrospectively, as if we always recorded securities transactions on trade date. As a result, certain prior period balances and ratios have been reclassified to conform with the current period's methodology.
Certain changes related to the realignment of business units and changes in group allocations effective the first quarter of 2024 have also been reflected. We have included the reclassification of balances and the associated revenue, expenses and provision for credit losses related to our Canadian and
The Supplementary Financial Information is available for download at https://www.bmo.com/main/about-bmo/banking/investor-relations/financial-information#2023.
The pre-quarter-end release of this abridged package has been provided to help readers of the Bank's financial information better understand how these changes will be reported. The Supplementary Financial Information package for the first quarter of 2024 may reflect further refinements.
By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause actual future results, conditions, actions or events to differ materially from the expectations or intentions expressed in the forward-looking statements.
The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: the interpretation and application of IFRS 17, Insurance Contracts and IAS 40 Investment Property; critical accounting estimates and judgments, and the effects of changes to accounting standards, rules and interpretations on these estimates; and our ability to anticipate and effectively manage risks arising from all of the foregoing factors.
We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. For more information, please refer to the discussion in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational non-financial, legal and regulatory, strategic, environmental and social, and reputation risk in the Enterprise-Wide Risk Management section, as updated by quarterly reports, all of which outline certain key factors and risks that may affect our future results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting shareholders and analysts in understanding our financial position as at and for the periods ended on the dates presented, as well as our strategic priorities and objectives, and may not be appropriate for other purposes.
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