What are Accounting Regulatory Bodies

							What are Accounting regulatory bodies-regulating association, which manages the actions of
companies in a business. The purpose of them is to protect the interest of the public, promote constant
growth and protect its own self interest. In this paper I will explore Nikes' organization and how it
meets the terms of specific rules of GAAP. Nike was discovered by Phil Knight and Bill Bowerman in
1962 offers an enormous variety of athletic gear to consumers worldwide. As of today Nike is the
leading footwear competitor in the global market which can be contributed to "quality production,
innovative products, and aggressive marketing" (Almaney 2000). The four regulatory bodies that I
choose to look at are balance sheet, income statement, statement of cash flows and statement of
stockholder's equity.
A balance sheet is reported on a particular date in time and details exactly what a company owns and
what it owes. Income statements look at an era of time like a month, quarter or year and are reports
showing the outcome of operations for the accounting period. Statement of cash flows covers the same
period of time as the income statement and details the sources of the organizations inflows and
outflows. Statement of stockholders equity also covers a period of time and it looks at the equity part of
the company's balance sheet.
I choose to review Nikes financial reports for the fiscal year which ended May, 31, 2004. It is my
conclusion that Nike complied with all the standards of the accounting regulatory bodies by providing
detailed analysis of the company's earnings and revenues for that year. The balance sheet showed in
increase of 8% of worldwide stock from the previous year and an increase of cash and short-term
assets. The income statement showed in increase of gross margins and selling and administrative
expenses in comparison with 2003.Nike introduced a four year plan for 1.5 billion share repurchase
program for the continuous sturdy
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