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Restatements Rise for Companies Bypassing SOX's 404 Provision

Improving December Cash Flow

Arguments Begin Thursday Over PCAOB Constitutionality

Solving the Quandary of Giving Gifts at the Office

SEC Proposes Risk-Based Analysis of Financial Controls


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MILLIONS ON THE LINE

The college football bowl season provides some of the highest rated weeks in television viewing and along with victory, millions of dollars are at stake.

The various bowls, played this year in the U.S. and one in Canada, will offer life-long memories to fans, teams and the many other participants, such as band members and cheerleaders, but they also provided more than $187 million to National Collegiate Athletic Association (NCAA) schools in 2005, with an estimated $2.1 billion over the next 10 years, according to the Alamo Bowl website.

Even less popular bowl games, such as the Meineke Car Care Bowl, where Navy will face Boston College on December 30, will yield teams a million-dollar windfall and priceless publicity. To put that into perspective, in 2002 Navy's football program lost more than $3 million, according to the Baltimore Sun. Winning seasons and the bowl game appearance could push Navy's profits past last year's $6.2 million and increase revenues over the $16.6 million reported in 2005.

For a closer look at the financial aspects of bowl games, see "College Football Bowl Games: Millions on the Line", Click Here.


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TALKING WITH SANTA'S ACCOUNTANT

At North Pole, Alaska, where Christmas is "celebrated 365 days a year," getting gifts to children around the globe is a year-round operation.

So to track business affairs, even Santa Claus relies on an accountant. He is Paul Merrifield, a native of northern Indiana who migrated to Alaska in the early 1970s. Merrifield has served as city accountant of North Pole, a tiny town of 1,500 people near Fairbanks, for four years.

The job mainly attracted him for two reasons: The Christmas bonuses are great and Saint Nicholas is such a jolly fellow to work with. Even as Christmas approaches, when it gets as busy as tax time for many accountants, Santa always remains merry.

This article was previously published. To read the entire conversation, see: "A Conversation With...Santa's Accountant", Click Here.
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December 21, 2006




















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-- Socrates






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