The OSC acknowledged assistance from Quebec’s Autorité des marchés financiers and the U.S. Securities and Exchange Commission, which announced related settlements on Nov. 2. Story continuesAn RBC spokesperson said the bank is pleased to resolve the matter. OSC staff took the position that the regulator’s conclusions were “reasonable” based on its investigation and supported by evidence reviewed. According to the regulator, under accounting rules, certain costs associated with creating such internally developed software may be eligible for capitalization and recorded as intangible assets on RBC’s balance sheet rather than being recorded as expenses. However, these costs must meet certain criteria, including that they relate to the development of assets that are expected to generate future economic benefits.

Source: National Post November 03, 2023 12:02 UTC