TD Bank 2002 Annual Report Download - page 79

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77
FINANCIAL RESULTS
Employee future benefits
Under Canadian GAAP, the Bank adopted the employee future
benefits standard in fiscal 2001 on a retroactive basis without
restatement. The Canadian standard requires the accrual of
employee future benefits. Previous Canadian GAAP permitted
non-pension benefits to be expensed as paid. U.S. GAAP similarly
requires the accrual of employee future benefits. For purposes of
U.S. GAAP, the Bank adopted the employee future benefits stan-
dard on a prospective basis. Consequently, differences between
U.S. and Canadian GAAP remain, as the transitional impacts will
be amortized over the expected average remaining service life of
the employee group.
Condensed consolidated balance sheet
(millions of dollars) 2002 2001
Canadian U.S. Canadian U.S.
GAAP Adjustments GAAP GAAP Adjustments GAAP
Assets
Cash resources $ 6,538 $ – $ 6,538 $ 5,945 $ – $ 5,945
Securities purchased under
resale agreements 13,060 – 13,060 20,205 – 20,205
Securities
Investment 28,802 1,838 30,640 31,010 2,088 33,098
Trading 53,395 – 53,395 66,184 – 66,184
Loans 122,627 6,454 129,081 128,795 7,442 136,237
Derivatives’ market revaluation 25,739 3,078 28,817 21,435 4,105 25,540
Intangible assets 3,383 29 3,412 4,381 – 4,381
Goodwill 3,134 64 3,198 2,298 64 2,362
Other assets 21,362 36 21,398 7,585 50 7,635
Total assets $ 278,040 $ 11,499 $ 289,539 $ 287,838 $ 13,749 $ 301,587
Liabilities
Deposits $ 189,190 $ – $ 189,190 $ 193,914 $ – $ 193,914
Derivatives’ market revaluation 25,954 3,328 29,282 21,770 3,867 25,637
Other liabilities 44,262 7,835 52,097 52,586 9,510 62,096
Subordinated notes and
debentures 4,343 – 4,343 4,892 – 4,892
Non-controlling interest in
subsidiaries 1,250 350 1,600 1,272 350 1,622
Total liabilities 264,999 11,513 276,512 274,434 13,727 288,161
Shareholders’ equity
Preferred shares 1,485 (350) 1,135 1,492 (350) 1,142
Common shares 2,846 – 2,846 2,259 – 2,259
Retained earnings 8,710 (185) 8,525 9,653 (260) 9,393
Accumulated other
comprehensive income
Net unrealized gains on
available for sale securities – 368 368 –519519
Foreign currency translation
adjustments – 374 374 – 406 406
Derivative instruments – (107) (107) – (293) (293)
Minimum pension liability
adjustment – (114) (114) –––
Total shareholders’ equity 13,041 (14) 13,027 13,404 22 13,426
Total liabilities and shareholders’
equity $ 278,040 $ 11,499 $ 289,539 $ 287,838 $ 13,749 $ 301,587