DETECTING OF BOND DEFAULTS INDICATIONS USING FINANCIAL STATEMENT AND SHENANIGANS INDICATORS

<em>This study aims to detect indications of bond defaults by conducting a thorough analysis PT Trikomsel Oke, Tbk (TRIO)'s financial statements. TRIO's statements show that the company's revenue and profits increased during 2009-2014. However, Indonesia rating agency (PEFINDO) declared default on two bonds issued TRIO in November 2015, even though signal gave its was an unqualified opinion from one big 4 Public Accountants for six consecutive years PEFINDO's investment grade. This uses case method.. Financial report data are analyzed ratios indicators shenanigans. Evidence shows there creative accounting shenanigans before were defaulted 2015. With these results, this suggests investors creditors be more vigilant analyzing published annual reports</em>