Financial authority orders Garuda to restate 2018 results
Garuda Indonesia was ordered by the country's Financial Services Authority (OJK) to restate its 2018 financial statement, after questions were raised over the way it booked future revenue from an inflight Wi-Fi and entertainment deal as an operating item. The OJK says Garuda will have to submit a restated financial report within 14 days, as it was not compliant with the Indonesian accounting standards. Three separate fines, worth US$7,080 each, was imposed on Garuda, the company's directors, and its commissioner members, for violating stipulated standards on annual reports. A 1-year suspension was also imposed Garuda's auditor, and it was given 3 months to "improve the quality control and procedures" of its audit reports. Garuda says it will study the authority's decision. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-07-01/sky/financial-authority-orders-garuda-to-restate-2018-results
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Financial authority orders Garuda to restate 2018 results
Garuda Indonesia was ordered by the country's Financial Services Authority (OJK) to restate its 2018 financial statement, after questions were raised over the way it booked future revenue from an inflight Wi-Fi and entertainment deal as an operating item. The OJK says Garuda will have to submit a restated financial report within 14 days, as it was not compliant with the Indonesian accounting standards. Three separate fines, worth US$7,080 each, was imposed on Garuda, the company's directors, and its commissioner members, for violating stipulated standards on annual reports. A 1-year suspension was also imposed Garuda's auditor, and it was given 3 months to "improve the quality control and procedures" of its audit reports. Garuda says it will study the authority's decision. <br/>
