BaFin Identifies Disclosure Error in Deutsche Bank's 2019 Financial Statement
Source: Bery
The German Federal Financial Supervisory Authority (BaFin) announced on Tuesday that Deutsche Bank had incorrectly disclosed deferred tax assets in its 2019 consolidated financial statement. According to BaFin, the bank failed to separately disclose deferred tax assets amounting to 2.076 billion euros ($2.26 billion) for its U.S. operations, despite recording losses over several years, which warranted separate disclosure.
BaFin's finding concludes a review initiated by the German Financial Reporting Enforcement Panel (FREP). The FREP conducted this review as part of a random sample examination with significant scope. BaFin's decision marks the end of the proceedings related to this particular disclosure error.
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