Change in accounting practice for development costs related to Nordea’s digital services
Nordea has decided to change its accounting practice for development costs related to its digital services, following a review during the fourth quarter. Nordea’s current practice is to capitalise development costs and amortise them over their useful economic lives. Going forward, Nordea intends to expense such development costs as incurred. As a result of this change of accounting practice, in its fourth quarter results Nordea will record a EUR 130m write-off related to earlier capitalised development. Nordea is in a very strong position in digital development. Nordea’s digital customer