{
    "success": true,
    "data": {
        "id": 1180739,
        "msgid": "telkom-needs-extension-from-sec-1447893297",
        "date": "2005-07-04 00:00:00",
        "title": "Telkom needs extension from SEC",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Telkom needs extension from SEC The Jakarta Post, Jakarta State-owned telecommunications company PT Telkom announced that it had submitted a proposal to the United States Securities and Exchange Commission (SEC) for a 15-day extension in filing its 2004 audited financial account. The country's largest telecommunications firm said in a statement over the weekend that the decision was taken following its failure to meet a June 30 deadline for submitting its accounts based on the SEC standards.",
        "content": "<p>Telkom needs extension from SEC<\/p>\n<p>The Jakarta Post, Jakarta<\/p>\n<p>State-owned telecommunications company PT Telkom announced that<br>\nit had submitted a proposal to the United States Securities and<br>\nExchange Commission (SEC) for a 15-day extension in filing its<br>\n2004 audited financial account.<\/p>\n<p>The country's largest telecommunications firm said in a<br>\nstatement over the weekend that the decision was taken following<br>\nits failure to meet a June 30 deadline for submitting its<br>\naccounts based on the SEC standards.<\/p>\n<p>According to the statement, the company will need more time<br>\nbecause it is still answering the watchdog's queries on the 2003<br>\nreport as well as working with its advisors to complete the<br>\npreparation and review of the 2004 accounts.<\/p>\n<p>However, Telkom indicated the possibility that it might even<br>\nfail to submit the account within the extended deadline.<\/p>\n<p>The Bandung-based company is required to submit its accounts<br>\nto the SEC since its American depositary receipts are traded on<br>\nthe New York Stock Exchange.<\/p>\n<p>The SEC has demanded that Telkom review the so-called form 20-<br>\nF in the company's 2003 account in order to enable KPMG, its<br>\nauditor for the 2004 financial report, to eligibly include the<br>\ncompany's 2003 account in the latest financial report.<\/p>\n<p>Problems with Telkom's financial reports emerged when the SEC<br>\nrejected Telkom's 2002 financial account as it did not recognize<br>\nthe company's initial auditor for the account. The company later<br>\nappointed PricewaterhouseCoopers to reaudit the report.<\/p>\n<p>Due to the reauditing, Telkom had to revise its 2002 financial<br>\nreport to incorporate a 3.7 percent decline in its consolidated<br>\nnet profit and negative adjustments to its 2002 and 2001 profits.<\/p>\n<p>The company was also late in publishing its 2003 audited earnings<br>\nbecause of the previous delays.<\/p>\n<p>The government owns 51 percent of Telkom, with the remaining<br>\n49 percent held by public investors.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/telkom-needs-extension-from-sec-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}