TORONTO, Feb. 9, 2018 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) released today a
proposed template of our Supplemental Financial Information
package, reflecting the impact of the adoption of International
Financial Reporting Standard 9, Financial Instruments (IFRS
9).
This proposed template is available on our Investor Relations
website to help readers better understand our financial disclosure
regarding the impact of these accounting rule changes.
As previously disclosed in our 2017 Annual Report, RBC adopted
IFRS 9 on November 1, 2017. Under
transition provisions of IFRS 9, RBC elected not to restate
comparative period results. Accordingly, all comparative period
information will be presented in accordance with its previous
accounting policies under IAS 39, as described in the 2017 Annual
Report (Note 2).
It is possible that the Supplemental Financial Information
package for the first quarter of 2018 may reflect further
refinements. RBC expects to provide more information on the impact
of IFRS 9 in its Report to Shareholders for the first quarter of
2018, which will be available on February
23.
ABOUT RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 80,000+ employees who bring
our vision, values and strategy to life so we can help our clients
thrive and communities prosper. As Canada's biggest bank, and one of the largest
in the world based on market capitalization, we have a diversified
business model with a focus on innovation and providing exceptional
experiences to our 16 million clients in Canada, the U.S. and 35 other countries. Learn
more at rbc.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain
statements contained in this press release may be deemed to be
forward-looking statements within the meaning of certain securities
laws, including the "safe harbour" provisions of the United
States Private Securities Litigation Reform Act of 1995 and any
applicable Canadian securities legislation. These forward-looking
statements include, but are not limited to, statements with respect
to the Bank's transition to IFRS 9. Forward-looking statements are
typically identified by words such as "believe", "expect",
"foresee", "forecast", "anticipate", "intend", "estimate", "goal",
"plan" and "project" and similar expressions of future or
conditional verbs such as "will", "may", "should", "could" or
"would".
By their very nature, forward-looking statements require us to
make assumptions and are subject to inherent risks and
uncertainties, which give rise to the possibility that our
predictions, forecasts, projections, expectations or conclusions
will not prove to be accurate, that our assumptions may not be
correct and that our forward-looking statements, including
statements with respect to RBC's transition to IFRS 9, will not be
achieved. We caution readers not to place undue reliance on these
statements as a number of risk factors could cause our actual
results to differ materially from the expectations expressed in
such forward-looking statements. These factors – many of which are
beyond our control and the effects of which can be difficult to
predict – include: credit, market, liquidity and funding,
insurance, operational, regulatory compliance, strategic,
reputation, legal and regulatory environment, competitive and
systemic risks and other risks discussed in the risk sections of
our 2017 Annual Report; including global uncertainty and
volatility, elevated Canadian housing prices and household
indebtedness, information technology and cyber risk, regulatory
change, technological innovation and new entrants, global
environmental policy and climate change, changes in consumer
behavior, the end of quantitative easing, the business and economic
conditions in the geographic regions in which we operate, the
effects of changes in government fiscal, monetary and other
policies, tax risk and transparency and environmental and social
risk.
We caution that the foregoing list of risk factors is not
exhaustive and other factors could also adversely affect our
results. When relying on our forward-looking statements to make
decisions with respect to us, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Material economic assumptions underlying the
forward-looking statements contained in this press release are set
out in the Economic, market and regulatory review and outlook
section and for each business segment under the 2017 Operating
environment, Strategic priorities and Outlook headings in our 2017
Annual Report. Except as required by law, we do not undertake to
update any forward-looking statement contained in this press
release.
SOURCE Royal Bank of Canada