NOTE 1: NATURE OF OPERATIONS
CORPORATE INFORMATION
The Toronto-Dominion Bank is a bank chartered under the
Bank Act (Canada)
. The shareholders of a bank are not, as
shareholders, liable for any liability, act, or
default of the bank except as otherwise provided
under the
Bank Act (Canada)
. The Toronto-Dominion Bank and its subsidiaries are collectively known
as
TD Bank Group (“TD” or the “Bank”). The Bank
was formed through the amalgamation on
February 1, 1955,
of The Bank of Toronto (chartered in 1855) and The
Dominion Bank (chartered in 1869). The Bank
is incorporated and domiciled in Canada
with its registered and principal business offices
located at 66 Wellington
Street West, Toronto, Ontario. TD serves customers in four business segments
operating in a number of locations in key
financial centres around the globe:
Canadian Personal and Commercial
Banking, U.S. Retail, Wealth Management and
Insurance, and Wholesale Banking.
BASIS OF PREPARATION
The accompanying Interim Consolidated
Financial Statements and accounting principles
followed by the Bank have been prepared in
accordance with
International Financial Reporting Standards
(IFRS), as issued by the International
Accounting Standards Board (IASB), including
the accounting requirements of
the Office of the Superintendent of Financial Institutions
Canada (OSFI).
The Interim Consolidated Financial Statements
are presented in Canadian dollars, unless
otherwise indicated.
These Interim Consolidated Financial Statements
were prepared on a condensed basis in
accordance with International Accounting Standard
34,
Interim
Financial Reporting
using the accounting policies as described
in Note 2 of the Bank’s 2023 Annual Consolidated
Financial Statements and in Note 2 of this report.
Certain comparative amounts have been
revised to conform with the presentation
adopted in the current period.
The preparation of the Interim Consolidated
Financial Statements requires that management
make judgments, estimates, and assumptions
regarding the
reported amount of assets, liabilities, revenue
and expenses, and disclosure of contingent
assets and liabilities, as further described in
Note 3 of the Bank’s 2023
Annual Consolidated Financial Statements
and in Note 3 of this report. Accordingly, actual results may differ from estimated
amounts as future confirming events
The Bank’s Interim Consolidated Financial Statements
have been prepared using uniform accounting
policies for like transactions and events in
similar
circumstances. All intercompany transactions,
balances,
and unrealized gains and losses on
transactions are eliminated on consolidation.
The Interim Consolidated Financial Statements
for the three and six months ended April 30,
2024, were approved and authorized
for issue by the Bank’s Board
of Directors, in accordance with a recommendation
of the Audit Committee, on May 22, 2024.
As the Interim Consolidated Financial Statements
do not include all of the disclosures normally
provided in the Annual Consolidated Financial
Statements, they
should be read in conjunction with the Bank’s 2023
Annual Consolidated Financial Statements
and the accompanying Notes, and
the shaded sections of the 2023
Management’s Discussion and Analysis (MD&A).
The risk management policies and procedures
of the Bank are provided in the MD&A.
The shaded sections of
the “Managing Risk” section of the MD&A in
this report,
relating to market, liquidity, and insurance risks, are an integral
part of these Interim Consolidated Financial
Statements, as permitted by IFRS.