The final phase of the Office of Management and Budget’s Uniform Grant Guidance is nearly here, which means nonfederal agencies should be gearing up for the changes coming to their Single Audits.
OMB released 2 CFR 200: Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Grant Guidance) in December 2013. The Uniform Grant Guidance affects all nonfederal entities that receive grants and replaced rules in eight OMB Cost Circulars, including the A-133. Nonfederal entities began applying the changes to administrative requirements and cost principles to new federal awards received after December 26, 2014, and to additional funding to existing awards made after that date.
Learn more about the accounting standard in this MHM Messenger.