FASB mourns the loss of Don Kirk, a pivotal figure in its history. From guiding the board through economic storms to shaping financial reporting standards, his legacy is monumental.
Key Points
•📅 Date: Don Kirk passed away on July 17, 2025
•🛠 Roles: Second chairman of FASB, professor at Columbia University, and more
•🏛 Institutional Impact: Helped establish FASB and built its early trust
•🎓 Education: Yale and NYU alumnus, CPA
•🇺🇸 Service: U.S. Naval Aviator and active community member
🌟 A Luminary in Financial Standards
Don Kirk was one of the original seven board members appointed to the Financial Accounting Standards Board (FASB) in 1973. He became its second chairman in 1978, guiding the board through turbulent times such as the oil and gas crisis of the 1970s. His leadership helped establish the credibility and trust of the FASB among capital markets stakeholders in the United States.
📖 A Clean Slate
In 2013, Don reminisced about the early years of FASB, describing it as a ‘clean slate’ where he and his colleagues made their best attempts to improve financial reporting. Over five decades later, the robust and inclusive standard-setting process they built continues to guide the development of financial accounting and reporting standards used today.
💼 Professional Journey
Don Kirk’s professional career began with Price Waterhouse in 1959. He later became a partner from 1967 to 1973. He also served as a professor at Columbia University Graduate School of Business from 1987 to 1995 and was an executive-in-residence at the school until 2000. Additionally, he was active in various governing boards of for-profit corporations and financial and professional self-regulatory organizations.
🏡 Community Engagement
Beyond his professional achievements, Don was an active citizen in Greenwich, Connecticut. He served as a member of its Representative Town Meeting and its Board of Estimate and Taxation. He was a long-time trustee and volunteer at Greenwich Hospital, previously serving as its chairman of the board. His dedication to his community was evident through his numerous contributions and roles.
