Deutsche Bank incorrectly disclosed deferred tax assets in its 2019 financial statement, German regulator BaFin said Tuesday.
2.076 billion euros worth of deferred tax assets had not been disclosed separately in the notes for Deutsche Bank’s U.S. business, BaFin said.incorrectly disclosed deferred tax assets in its 2019 financial statement which did not meet international accounting standards, the German regulator BaFin said on Tuesday.
Additionally, the bank should have explained why it was sure that it would make sufficient profits in the future, which it also did not do, BaFin said.The findings are the outcome of a random sampling examination, which was initially launched by Germany's now defunct Financial Reporting Enforcement Panel, the regulator noted.
"There is no suggestion on BaFin's part that there is any inaccuracy in Deutsche Bank's 2019 accounts, and no restatement or other action is required. It is Deutsche Bank's view today, as at the time of publication, that its 2019 financial statements and other disclosures comply fully with IFRS requirements," a spokesperson for the bank said in emailed comments.
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