Nissan Ford Comparison

Nissan Ford Comparison

  • Submitted By: martyfenix
  • Date Submitted: 03/14/2009 8:58 PM
  • Category: Business
  • Words: 691
  • Page: 3
  • Views: 760

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University of Phoenix
ACC 300 ' Principles in Accounting

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Regulatory Environment

In the early twentieth century many business practiced accounting using their own rules which in-turn led to many differences among the practice of accounting. It was not until the Great Crash of 1929 that new rules and regulations for the practice of accounting became the focal point of the newly established Securities and Exchange Commission. Much of the regulation however, still begins with the individuals involved with accounting practices. The Ford corporations practice self regulation which begins with participation in professional association boards, oversight committees, licensing and sanctions (Ford Motor Company 2008).
The practice of accounting relies heavily on business ethics. The people involved in making decisions based on the information provided require straight forward and honest reporting. In order to succeed in the practice of accounting, all accounting professionals must have integrity. Rules were set forth by both the S.E.C. and the Financial Accounting Standards Board that dictate how accounting in the United States should operate. The procedure of the American Institute of Certified Public Accountants is the primary organization with statutory authority to establish accounting standards for public companies in the U.S. (IASB 2008).
The American Institute of Certified Public Accountants has seven full-time voting members that are responsible for determining the Generally Accepted Accounting Principles. These rules have to be reviewed and even changed, as business becomes more complex in our changing environments. While the Federal Accounting Standards Board addresses the issues in the U.S., the International Accounting Standards Board was later established to help with the flow of accounting practices in different countries (IASB 2008).
Corporations such as Nissan use controls to...

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