Washington (Nov. 18, 2002) -- Qwest Communications International Inc. said it won't file its third-quarter report on time due to lingering accounting issues.
Earlier this year, the long-distance company and its board began analyzing its revenue recognition and accounting treatment for some asset sales, the sale of equipment to some customers and accounting policies and practices for its one of its businesses. The company has posted 10 straight losing quarters.
According to a document filed Friday with the Securities and Exchange Commission, Qwest said it expects to restate prior periods because it determined that accounting policies may have been inappropriately applied and transactions were recorded incorrectly.
The company said it can't state with certainty when a restatement will be completed, so it can't file its quarterly report on time.
-- Electronic Accountant Newswire staff
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