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Accounting regulatory bodies is a self-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 stockholders
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 companys balance sheet.
I choose to review Nikes financial reports for the fiscal year which ended May, 31, 2004. It
