Current And Future Changes In Accounting Policies	6 Months Ended
Apr. 30, 2024
Disclosure of Financial Instruments [Abstract]
Current And Future Changes In Accounting Policies	NOTE 2: CURRENT AND FUTURE CHANGES IN ACCOUNTING POLICIES CURRENT CHANGES IN ACCOUNTING POLICIES The following new standard has been adopted by the Bank on November 1, 2023. Insurance Contracts The IASB issued IFRS 17 which replaced the guidance in IFRS 4, Insurance Contracts (IFRS 4) and became effective for annual reporting periods beginning on or after January 1, 2023, which was November 1, 2023 for the Bank. IFRS 17 establishes principles for recognition, measurement, presentation and disclosure of insurance contracts. Under IFRS 17, insurance contracts are aggregated into groups which are measured at the risk-adjusted present value of cash flows in fulfilling the contracts. Revenue is recognized as insurance services are provided over the coverage period. Losses are recognized immediately if the contract group is expected to be onerous. The liabilities presented by insurance groups are comprised of the liability for remaining coverage (LRC) and the liability for incurred claims (LIC) and are reported as Insurance contract liabilities on the Interim Consolidated Balance Sheet. The LRC is the obligation to investigate and pay claims that have not yet occurred and includes the loss component related to onerous contract groups. The LIC is the estimate of claims incurred, including claims that have occurred but have not been reported, and related insurance costs. IFRS 17 introduces two measurement models that are applicable to the Bank, the premium allocation approach model (PAA) and the general measurement model (GMM). The Bank measures the majority of its insurance contract groups using the PAA, which includes property and casualty contracts as well as short-term life and health contracts. The PAA is a simplified model applied to insurance contracts that are either one year or less or where the PAA approximates the GMM. Contracts using the GMM are longer-term life and health contracts. The LRC for insurance contract groups using the PAA is measured as unearned premiums less deferred acquisition cash flows allocated to the group. The LRC is adjusted for the recognition of insurance revenue and amortization of acquisition cash flows reported in insurance service expenses on a straight-line basis over the contractual terms of the underlying insurance contracts, usually twelve months. The LRC for longer term contracts using the GMM model is measured using estimates and assumptions that reflect the timing and uncertainty of insurance cash flows. When a group of contracts is expected to be onerous, a loss component (expected loss related to fulfilling the related insurance contracts) is established which increases the LRC and insurance service expenses. The loss component of the LRC is subsequently recognized in income over the contractual term of the underlying insurance contracts to offset claims incurred and related expenses. The Bank measures the LIC at the present value of current estimates of claims and related costs for insurable events occurring at or before the Interim Consolidated Balance Sheet date. The LIC includes a risk adjustment, which represents the compensation the Bank requires for bearing the uncertainty related to non-financial risks in its fulfilment of insurance contracts. Expenses related to claims incurred and related costs are reported in insurance service expenses and changes related to discounting the liability are recorded as insurance finance income or expenses in other income (loss). Prior to the adoption of IFRS 17, these expenses were recorded in insurance claims and related expenses and non-interest expenses. Reinsurance contracts held are recognized and measured using the same principles as insurance contracts issued. Reinsurance contract assets are presented in Other assets on the Interim Consolidated Balance Sheet and the net results from reinsurance contracts held are presented in Other income (loss) on the Interim Consolidated Statement of Income. Refer to Note 14 for further detail on the balances and results of insurance and reinsurance contracts. The Bank initially applied IFRS 17 on November 1, 2023 and restated the comparative period. The Bank transitioned by primarily applying the full retrospective approach which resulted in the measurement of insurance contracts as if IFRS 17 had always applied to them. The following table sets out adjustments to the Bank’s insurance-related balances reported under IFRS 4 as at October 31, 2022 used to derive the insurance contract liabilities and reinsurance contract assets recognized by the Bank as at November 1, 2022 under IFRS 17. (millions of Canadian dollars) Amount Insurance-related liabilities $ 7,468 Other liabilities 131 Other assets (2,361) Net insurance-related balances as at October 31, 2022 $ 5,238 Changes in actuarial assumptions, including risk adjustment and discount factor (192) Recognition of losses on onerous contracts 113 Other adjustments (93) Net insurance-related balances as at November 1, 2022 $ 5,066 Insurance contract liabilities $ 5,761 Reinsurance contract assets (695) Net insurance-related balances as at November 1, 2022 $ 5,066 On November 1, 2022, IFRS 17 transition adjustments resulted in a decrease to the Bank’s deferred tax assets of $ 60 million and an after-tax increase to retained earnings of $ 112 million. Upon the initial application of IFRS 17 on November 1, 2023, the Bank applied transitional guidance and reclassified certain securities supporting insurance operations to minimize accounting mismatches arising from the application of the new discount factor under IFRS 17. The transitional guidance for such securities is applicable for entities that previously used IFRS 9, Financial Instruments and was applied without a restatement of comparatives. The reclassification resulted in a decrease to retained earnings and an increase in accumulated other comprehensive income (AOCI) of $ 10 million. FUTURE CHANGES IN ACCOUNTING POLICIES The following standard has been issued, but is not yet effective on the date of issuance of the Bank’s Interim Consolidated Financial Statements. Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements (IFRS 18), which replaces the guidance in IAS 1, Presentation of Financial Statements and sets out requirements for presentation and disclosure of information, focusing on providing relevant information to users of the financial statements. IFRS 18 focuses on the presentation of financial performance in the statement of profit or loss, it will be effective for the Bank’s annual period beginning November 1, 2027. Early application is permitted. The Bank is currently assessing the impact of adopting this standard.

Current And Future Changes In Accounting Policies

NOTE 2: CURRENT AND FUTURE CHANGES

IN ACCOUNTING POLICIES

CURRENT CHANGES IN ACCOUNTING

POLICIES

The following new standard has been adopted

by the Bank on November 1, 2023.

Insurance Contracts

The IASB issued IFRS 17 which replaced

the guidance in IFRS 4,

Insurance Contracts

(IFRS 4) and became effective for annual

reporting periods beginning on or

after January 1, 2023, which was November

1, 2023 for the Bank. IFRS 17 establishes

principles for recognition, measurement,

presentation and disclosure of

insurance contracts.

Under IFRS 17, insurance contracts are

aggregated into groups which are measured

at the risk-adjusted present value of

cash flows in fulfilling the contracts.

Revenue is recognized as insurance services

are provided over the coverage period.

Losses are recognized immediately if

the contract group is expected to be

onerous. The liabilities presented by insurance

groups are

comprised of the liability for remaining

coverage (LRC) and the liability for incurred

claims (LIC) and are

reported as Insurance contract liabilities

on the Interim Consolidated Balance Sheet.

The LRC is the obligation to investigate and

pay claims that have not yet

occurred and includes the loss component related

to onerous contract groups.

The LIC is the estimate of claims incurred, including

claims that have occurred but

have not been reported, and related insurance

costs.

IFRS 17 introduces two measurement models

that are applicable to the Bank, the premium

allocation approach model (PAA) and the general measurement

model

(GMM). The Bank measures the majority of

its insurance contract groups using

the PAA,

which includes property and casualty contracts

as well as short-term life

and health contracts. The PAA is a simplified model applied to insurance

contracts that are either one year or less

or where the PAA approximates the GMM.

Contracts using the GMM are longer-term life

and health contracts. The LRC for insurance

contract groups using the PAA is measured as unearned premiums

less

deferred acquisition cash flows allocated

to the group. The LRC is adjusted for the

recognition of insurance revenue and amortization

of acquisition cash flows

reported in insurance service expenses

on a straight-line basis over the contractual

terms of the underlying insurance contracts,

usually twelve months. The LRC

for longer term contracts using the GMM

model is measured using estimates and

assumptions that reflect the timing

and uncertainty of insurance cash flows.

When a group of contracts is expected

to be onerous, a loss component (expected

loss related to fulfilling the related insurance

contracts) is established which

increases the LRC and insurance service expenses.

The loss component

of the LRC is subsequently recognized in

income over the contractual term of

the

underlying insurance

contracts to offset claims incurred and related

expenses.

The Bank measures the LIC at the present

value of current estimates of claims and related

costs for insurable events occurring at or

before the Interim

Consolidated Balance Sheet date. The LIC

includes a risk adjustment, which represents

the compensation the Bank requires for bearing

the uncertainty related to

non-financial risks

in its fulfilment of insurance contracts.

Expenses related to claims incurred

and related costs are reported in insurance

service expenses and

changes related to discounting the liability are

recorded as insurance finance income

or expenses in other income (loss).

Prior to the adoption of IFRS 17, these

expenses were recorded in insurance

claims and related expenses and non-interest

expenses.

Reinsurance contracts held are recognized

and measured using the same principles as insurance

contracts issued. Reinsurance contract

assets are presented in

Other assets on the Interim Consolidated Balance

Sheet and the net results from reinsurance

contracts held are presented in Other income

(loss) on the Interim

Consolidated Statement of Income. Refer to

Note 14 for further detail on the balances and

results of insurance and reinsurance contracts.

The Bank initially applied IFRS 17 on

November 1, 2023 and restated the comparative

period. The Bank transitioned by primarily

applying the full retrospective

approach which resulted in the measurement

of insurance contracts as if IFRS 17

had always applied to them.

The following table sets out adjustments

to the

Bank’s insurance-related balances reported under

IFRS 4 as at October 31, 2022 used to derive

the insurance contract liabilities and reinsurance

contract assets

recognized by the Bank as at November

1, 2022 under IFRS 17.

(millions of Canadian dollars)

Amount

Insurance-related liabilities

7,468

Other liabilities

131

Other assets

(2,361)

Net insurance-related balances as at October

31, 2022

5,238

Changes in actuarial assumptions, including

risk adjustment and discount factor

(192)

Recognition of losses on onerous contracts

113

Other adjustments

(93)

Net insurance-related balances as at

November 1, 2022

5,066

Insurance contract liabilities

5,761

Reinsurance contract assets

(695)

Net insurance-related balances as at

November 1, 2022

5,066

On November 1, 2022, IFRS 17 transition

adjustments resulted in a decrease

to the Bank’s deferred tax assets of $

million and an after-tax increase to retained

earnings of $

112

million.

Upon the initial application of IFRS 17 on

November 1, 2023, the Bank applied transitional

guidance and reclassified certain securities

supporting insurance

operations to minimize accounting mismatches

arising from the application of the new

discount factor under IFRS 17. The transitional

guidance for such securities

is applicable for entities that previously used

IFRS 9,

Financial Instruments

and was applied without a restatement

of comparatives. The reclassification resulted

a decrease to retained earnings and an increase

in accumulated other comprehensive income

(AOCI) of $

million.

FUTURE CHANGES IN ACCOUNTING

POLICIES

The following standard has been issued, but

is not yet effective on the date of issuance of

the Bank’s Interim Consolidated Financial

Statements.

Presentation and Disclosure in Financial

Statements

In April 2024, the IASB issued IFRS 18,

Presentation and Disclosure in Financial

Statements

(IFRS 18), which replaces the guidance

in IAS 1,

Presentation of

Financial Statements

and sets out requirements for presentation

and disclosure of information, focusing

on providing relevant information to users

of the financial

statements. IFRS 18 focuses on the presentation

of financial performance in the statement of

profit or loss, it will be effective for the Bank’s annual

period

beginning November 1, 2027. Early application

is permitted. The Bank is currently assessing

the impact of adopting this standard.