RESPONSE by Donald James Kirk

I am joining an accomplished group of predecessors, 57 in number. Having worked with twenty of them and read the writings of many more, I have firsthand knowledge of their many accomplishments. Vanity tells me to accept my place among those giants of our profession as an equal. Well, why not—for at least a day? Reality will soon enough put me in my proper place.

It was forty years ago that a correspondence course in accounting set the direction of my life, first as a student, then as a practitioner, standard setter, teacher and now as an overseer. The seeds for my interest in accounting were the teachings of Professors Paul R. Berney and Ralph C. Jones at Yale and the textbooks of William A. Pat on. Paton was among the first group inducted into the Hall of Fame when it was established in 1950.

Also among that first group was George O. May, longtime senior partner of Price Waterhouse. In a rather usual way, George O. May was an influential factor in my career choice. While at Yale—in a large lecture hall filled with awestruck students of an applauseinspiring historian—the stature of George O. May was indelibly planted in my memory. In two successive lectures, John Morton Blum, one of those teachers you never forget, mentioned George O. May’s role in improving financial reporting following the 1929 stock market crash. If the work of a CPA warranted mention by Professor Blum, it had to be a profession worth joining.

Thirteen years later another senior partner Of Price Waterhouse, John C. Biegler, gave direction to my career when he suggested that I should consider leaving the firm. Fortunately, he accompanied that suggestion with the possibility of my taking a position at a new organization in the process of formation—the Financial Accounting Standards Board. Shortly after, when officially offered a board membership, 1 accepted without a question or hesitation. I was eager to take on the challenges of that new venture.

That was the start of a fourteen year stint at the FASB and close and rewarding associations with a talented, dedicated staff and over that period of time, with sixteen board members, all of whom were independent and strongminded (even if at times a few were wrongheaded). Four of those board members are also members of the Hall of Fame—Marshall A. Armstrong, John W. Queenan, Oscar S. Gellein and Robert T. (Bob) Sprouse.

For what I was able to contribute to that organization I owe particular thanks, first, to Bob Sprouse for a thirteenyear education in clear thinking and his support as vicechairman; and, second, I owe thanks to two directors of research, Michael O. Alexander and James J. Lcisenring and to the Chairman of the Advisory Council, Paul Kolton, for their wise counsel during my chairmanship.

I am a great believer in the importance of both accountability and independence in the role of standard setters and in the role of overseers in corporate governance. I commend the AICPA for its support of the recent changes in the governance structure of the Financial Accounting Foundation, the overseer of the FASB. Public trust in the FASB and its overseers depends in the long run on the integrity, objectivity and independence of the entire process. The change in governance to include more trustees not affiliated with the sponsoring organizations is a positive step in achieving that public trust.

The FASB seemed to be a perfect job for me and it offered me experiences that were unique. So unique in fact that one executive recruiter I consulted with when leaving the Board could not think of a single fulltime business position I was qualified for! He proved to be correct. Fourteen years at the FASB was the longest I ever held a fulltime job and lately all I can find is parttime work.

Fortunately, when I left the FASB John C. (Sandy) Burton, a frequent critic of the FASB and then Dean of the Graduate School of Business at Columbia University, came to my rescue. He offered me a teaching position and assured me I had a bright future by telling me that those that cannot do, teach, and those that cannot teach, dean. If you believe that adage, I must have been a good teacher for I never became a dean. The truth, however, is I learned more than I taught, gained great respect for my colleagues in academia and now continue to enjoy the fellowship of my Columbia associates and interaction with students while free of the need to prepare and grade examinations.

I have benefitted immensely from my various associations with the profession and the opportunities it has given me. I look forward to many more years of serving the profession to help ensure that we do not forget our special, public responsibility and that we retain the public’s confidence in our integrity, objectivity and independence.

I am indeed grateful for this recognition and am pleased that it is taking place at the annual meeting of the AICPA. Thank you Paul and thank you to the electors of the Accounting Hall of Fame.