CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
For the period ended Oct 31, 2024. Filed Dec 5, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Dec 5, 2024
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Contents
EX-99.B3(C) · External reportingchanges
External reporting changes
The following external reporting changes were made in 2024. Prior year amounts were restated accordingly. Regulatory capital measures for the corresponding years have not been restated.
Adoption of IFRS 17 “Insurance Contracts” (IFRS 17)
We adopted IFRS 17 “Insurance Contracts” (IFRS 17), commencing November 1, 2023, which replaces IFRS 4 “Insurance Contracts” (IFRS 4). The adoption of IFRS 17 required us to restate the comparative year ended October 31, 2023. Insurance results are now presented in Income from insurance activities, net under
income, which replaced Insurance fees, net of claims in the income statement. For further details on the adoption of IFRS 17, see Note 1 to the consolidated financial statements.
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