The Office of Management and Budget (OMB) released new guidance on Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 CFR 200). The new guidance, referred to as the Uniform Guidance, was released on December 26, 2013, and consolidates 8 federal circulars (A-102, A-110, A-89, A-21, A-87, A-122, A-133, A-50) into a single guidance document. It is effective for all new awards and incremental funding on or after December 26, 2014 and the audit requirements (Subpart F) will apply to audits of fiscal years beginning on our after December 26, 2014 --- for us, this will be fiscal year 2016 (July 1, 2015 – June 30, 2016).
For more information, see an Overview of the Uniform Guidance
8/29/2014 – COFAR releases second set of Frequently Asked Questions in support of new Uniform Guidance
2/12/2014 – COFAR releases first set of Frequently Asked Questions in support of new Uniform Guidance
12/26/2013 – OMB releases notice of Final Guidance