Bank of Montreal 2013 Annual Report Download - page 62

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Changes in Accounting Policies in 2013
There were no changes in accounting policies in 2013.
Future Changes in Accounting Policies
BMO monitors the potential changes to IFRS proposed by the Interna- reporting and accounting policies. New standards and amendments to
tional Accounting Standards Board (IASB) and analyzes the effect that existing standards that will be effective for BMO in the future are
any such changes to the standards may have on BMO’s financial described in Note 1 on page 130 of the financial statements.
Transactions with Related Parties
In the ordinary course of business, we provide banking services to our
key management personnel and their affiliated entities, joint ventures
and equity-accounted investees on the same terms that we offer to our
customers for those services. Key management personnel are defined as
those persons having authority and responsibility for planning, directing
and/or controlling the activities of an entity, being the directors and
most senior executives of the bank.
Details of our investments in joint ventures and associates and the
compensation of key management personnel are disclosed in Note 27
on page 177 of the financial statements. A select suite of customer loan
and mortgage products is offered to our employees at rates normally
made available to our preferred customers. We also offer employees a
subsidy on annual credit card fees.
MD&A
BMO Financial Group 196th Annual Report 2013 73