Schall & Ashenfarb, CPA's has been serving the accounting community for almost 30 years and prides itself on having the hands-on style of a small firm with the resources and quality of a larger, regional firm. Our primary niche of working with not-for-profit organizations allows us to hire and retain professionals that specialize in this unique industry. We also have a more traditional side of the practice that works with clients in commercial industries that include arts and entertainment such as Broadway and Off-Broadway Theater, touring theatrical productions, legal, medical and other professional service firms, professionals and self-employed individuals and more. We provide financial statement preparation, accounting and tax planning services for these clients.

Not for Profit Updates



ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. (click for further details)

(ASU) No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. became effective for entities with a year end of December 31, 2018 or fiscal years of later periods, This standard focuses on improving the current net asset classification requirements and information presented in the financial statements and notes that is useful in assessing a not-for-profit’s liquidity, financial performance and cash flows.

ASU No. 2014-09, Revenue from Contracts with Customers. (click for further details)

The ASU, which becomes effective for entities with a year end of December 31, 2019 or fiscal years of later periods, focuses on a principle-based model. It highlights the identification of performance obligations of the contract, determining the price and allocating that price to the performance obligation so that revenue is recognized as each performance obligation is satisfied.

ASU No. 2016-02, Leases. (click for further details)

The ASU which becomes effective for entities with a year end of December 31, 2019 or fiscal years of later periods. This standard, requires the full obligation of long-term leases to be recorded as a liability with a corresponding “right to use asset” on the statement of financial position.

 FASB Issues New Accounting Standard to Improve Existing Standards for Financial Statement Presentation

On August 18, 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that attempts to improve existing standards for financial statement presentation by not-for-profit organizations. more...

Peer Review: Another Clean, Unqualified Opinion for Schall & Ashenfarb

On April 20, 2017, Schall & Ashenfarb underwent a peer review performed by a member firm of the American Institute of Certified Public Accountants. more...

A Bill to Improve and Make Clarifying Amendments to Nonprofit Revitalization Act of 2013 is Now in Effect 

In June 2016, the New York State Assembly and Senate passed a new bill to improve and make clarifying amendments to the Nonprofit Revitalization Act of 2013 (“NPRA”).. more...

FASB Issues Accounting Standards Update ASU No. 2016-02, Leases

On February 25, 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2016-02, Leases  more...

FASB Issues Accounting Standards Update ASU NO. 2014-09, Revenue from Contracts with Customers

In May 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. This eliminates the majority of industry specific regulations and focuses more on a principles-based model.  more..

Changes Made to Cost Principles from Final Regulations of the Uniform Administrative Requirements on Federal Awards (“UG”) are in Effect

Final regulations of the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (“UG”), were posted in the Federal Register on December 26, 2013. Many changes were made to cost principles and they are effective for new federal awards issued in 2015. more.

The New York Better Business Bureau (“BBB”) Charity Accountability Program Reviews Local Charities to Determine whether the BBB’s Standards for Charity Accountability are being met.

The New York Better Business Bureau (“BBB”) Charity Accountability Program reviews local charities with the goal of issuing a report indicating whether a charity meets the BBB’s Standards for Charity Accountability. more.