Deutsche Bank incorrectly disclosed deferred tax assets in its 2019 financial statement which did not meet international accounting standards, the German regulator BaFin said on Tuesday.
"The declarations on deferred tax assets in the consolidated financial statement were not complete," the regulator, known formally as the Federal Financial Supervisory Authority, said in a statement translated by CNBC.
It said that 2.076 billion euros ($2.26 billion) worth of deferred tax assets had not been disclosed separately in the notes for Deutsche Bank's U.S. business.
The bank should have made the disclosure because it recorded several years of losses, it said.
The disclosure error was against rules laid out by the International Accounting Standards, BaFin said in a second statement.
Persons:
BaFin
Organizations:
Deutsche Bank, Federal Financial Supervisory Authority, CNBC, Deutsche Bank's, International