Research on Bank of Montreal (BMO)'s annual report of 2023.

Instruction:

Briefly describe the change in accounting policy, the adoption of a new accounting standard, or the existing policy that your group chose. Include an excerpt from the company's annual report, as required, to describe the change.

Identify what your group believes was the motivation behind the change in accounting policy that your company made.

Does your group believe that the change was made in order to manage earnings? If so, which earnings management pattern do you believe is being followed by the company? Why do you believe the company made the choice that it did?

If your group does not believe that earnings management was behind the change (e.g. adoption of a new accounting standard), explain which accounting theory (i.e. public interest theory or interest group theory) is motivating the change in financial reporting. Explain why it is only an application of accounting theory and nothing else