ARMSTRONG-DNA-L Archives

Archiver > ARMSTRONG-DNA > 2005-10 > 1130263708


From: John Armstrong <>
Subject: Marshall S. Armstrong, Zionsbville, IN
Date: Tue, 25 Oct 2005 10:08:28 -0800


Message Board URL:

http://boards.ancestry.com/mbexec/msg/an/kQB.2ACIB/3286

Message Board Post:

Marshall Smith Armstrong of Zionsville, Indiana, member of the Accounting Hall of Fame, passed away surrounded by his family at St. Vincent Hospice in Indianapolis, Sunday, October 23, 2005. He was 91. The son of the late William A. and L. Fern Smith Armstrong, he was born in Indianapolis, Indiana June 13, 1914. Mr. Armstrong grew up in the nearby community of Shelbyville, where he graduated from Shelbyville High School in 1932. Marshall played the saxophone in the high school band and his record in the pole vault stood for many years. He attended evening classes at Indiana University from 1937-45 and at Butler University, but did not complete the requirements for a degree. Honorary Doctor of Law degrees were bestowed upon him in 1975 by Ball State University and Indiana University, where he lectured in accounting for ten years, 1945-55. In 1985, he received an honorary Doctor of Business Administration degree from Butler University, where he served as a visiting professor o!
f accounting from 1978-82. During his professional career, he maintained his association with Indiana University, serving as President of its Executive Development Program from 1954-55, a member of the Advisory Committee of the University's Management Institute, 1956-57, and the Dean's Advisory Board of the School of Business from July 1974 to July 1977. In 1974, he was elected as a member of the Indiana University Academy of Alumni Fellows. Marshall was a certified as a CPA in 1946, at Indiana University. Mr. Armstrong's first job in 1933 was as a vacuum salesman; he sold only one in an entire year, and that to a customer who was unable to pay. This was his first experience with an allowance for bad debt. Over the next several years, he held various jobs, they included shoe salesman for one year in 1934, insurance agent for one year, manager of a shoe store for two months, and a janitor of a utility company in 1937. From the latter position, Mr. Armstrong moved to the util!
ity company's accounting department in 1938. In 1942, he left the fiel
d of utility accounting to become a staff accountant with the accounting firm of Geo. S. Olive & Co. There, he became a partner in 1947 and managing partner in 1970, a position he held until he resigned to become first chairman of the FASB, Financial Accounting Standards Board, which was effective November 1, 1972. He started the job from a desk in the AICPA offices, American Institute of Certified Public Accountants. Marshall was one of the founders of the Financial Accounting Foundation, the parent of FASB, and when he left the office of Chairman on December 31, 1977, he left behind an effective organization of over 100 staff members. He is Chairman Emeritus of the FASB, and during 1978-79, he served as advisor to the Financial Accounting Foundation. Mr. Armstrong was active in the AICPA, serving as president in 1970-71, vice president in 1969-70, as a member of the Board of Directors from 1970-72, and he is a lifetime member of Council. As president of the AICPA, he appoi!
nted the Wheat and Trueblood committees. The Wheat Committee recommended the formation of the FASB and the Trueblood Committee emphasized the need for a reporting framework. Mr. Armstrong also has been on a number of AICPA committees including membership on the Committee of Auditing Procedure, 1957-62, and Committee on Practice Review, 1962-63. He was chairman of the Project Advisory Committee for the accounting research study on corporate stockholder's equity and the Committee to Study the Displacement of Local and Regional Firms Involved in SEC Registration in 1962. For the years of 1963-1969, he served on the Accounting Principles Board. In 1960, Mr. Armstrong, helped form the American Group of CPA Firms, a private national federation of regional firms; he served as its first chairman of the Board of Governors from 1960-1963. He also served the Indiana Association of CPAs in numerous capacities including vice-president, 1960-61, president 1961-62, member of its Board of !
Directors, 1960-62, and trustee of its educational foundation. Mr. Arm
strong spoke before many professional groups, and he has written a number of articles for professional journals. He was a major contributor to the Handbook of Accounting and Auditing published in 1981. Mr. Armstrong was selected as an honorary member of Beta Alpha Psi, Beta Gamma Sigma, and was the recipient of the 1973 New York City Beta Gamma Sigma Honor Award. In 1975, he received the Distinguished Service Award from the University of Hartford's Center of the Study of Professional Accounting. His allegiance to the profession was again recognized in 1977 when he was awarded the AICPA's Gold Medal Award. The pinnacle of his career achievements was attained in 1980 when he was elected into the prestigious Ohio State University, Fisher College of Business Accounting Hall of Fame. Mr. Armstrong's civic and community activities were numerous including Northwood Christian Church in Indianapolis, Advisory Board of St. Francis Hospital in Indianapolis, 1969-1972, Board of Overseer!
s of the Wharton School of the University of Pennsylvania, 1973-1981, Advisory Board of the Securities Regulation Institute of the University of California, 1974, Board of Directors of J.C. Penney Company, Inc., 1978-1985, and Nixon Enterprises, Inc. Marshall's private enjoyments included golf, fishing, boating, playing with his grandchildren, and music. In his youth, he sought a career as a professional musician and did, for a while, play the saxophone professionally. Mr. Armstrong married Marjorie L. Thompson on September 24, 1939. She preceded him in death, on May 28, 2000. Together, they had three children, the late Julie Armstrong Alexander, surviving are David Armstrong and his wife, Linda, of Aurora, Indiana and Kristi Armstrong Clerkin of Carmel, Indiana. His beloved grandchildren include David Alexander, Kelli Alexander Locke, Mark Clerkin, Alison Clerkin Laitas and her husband, Tim, Cutler Armstrong, Collin Armstrong, great grandchildren, Kelsey Alexander and Juli!
anne Locke. A service in appreciation of Mr. Armstrong's life and fait
h will be 2 p.m. Thursday, October 27, 2005 in the Good Shepherd Chapel at Oaklawn Memorial Gardens, 9700 N. Allisonville Road, Fishers, Indiana, Reverend Jeff Bower officiating. Visitation will be from 11 a.m.-2 p.m. Thursday, in the chapel. Burial will follow the service in Oaklawn Memorial Gardens. Contributions in memory of Mr. & Mrs. Marshall Smith Armstrong may be made to St. Vincent Hospice, 8450 N. Payne Road, Suite 100, Indianapolis, Indiana 46268. Arrangements entrusted to Flanner & Buchanan Funeral Center, 105 W. Pine St., Zionsville, Indiana 46077, 317-873-3366.





This thread: