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The refusal by Ashikaga Bank’s auditor to recognize deferred tax assets, or future tax credit, as part of the bank’s capital was appropriate, a top public accountant said Thursday.

Ashikaga Bank’s auditor had no choice but to reject all of the bank’s DTA when it audited financial statements for the half year to Sept. 30, Akio Okuyama, president of the Japanese Institute of Certified Public Accountants, told a hearing of the House of Councilors Committee on Financial Affairs.

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