The Globe and Mail reports in its Friday edition that RBC has agreed to pay regulators in the United States and Canada millions of dollars in fines for violating the accounting standards provisions of securities laws in both countries over more than a decade. The Globe's Jameson Berkow writes that the U.S. Securities and Exchange Commission said Thursday that RBC failed to accurately account for the costs of its internally developed software from 2008 through 2020. RBC has agreed to pay a $6-million (U.S.) penalty to settle the charges. Quebec's AMF and the Ontario Securities Commission also announced settlements with RBC on Thursday for the same conduct. RBC has agreed to pay $2-million in Quebec, the AMF said in a statement, while the OSC's Capital Markets Tribunal has scheduled a hearing for Friday morning to decide whether to approve the bank's settlement agreement with Ontario. According to the OSC's statement of allegations, RBC's annual spending on internally developed software doubled over the course of a decade, rising from $658-million in 2011 to $1.3-billion by 2022. The OSC found the bank had incorrectly recorded some of its software development costs as intangible assets that should have been expensed.