- Recent changes from the US Office of Management and Budget (OMB), entitled “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards” (Uniform Guidance) will impact subrecipient monitoring. These changes will impact new federal awards and changes to funding increments with changed terms and conditions issued after Dec. 26, 2014. If your organization does not yet understand these changes, now is the time to act.
- One of the most discussed areas of change as a result of the Uniform Guidance is to the requirements surrounding tracking and reporting of payroll related costs, or time and effort reporting.
- The new general requirements of Uniform Guidance and five methods of procurement most closely follow the previous OMB Circular 102, Grants and Cooperative Agreements with State and Local Governments.
- Every municipal and county government across the country needs to attract new residents and businesses. For some communities, the key to success in their economic and community development initiatives lies in placemaking.
- The American Institute of Certified Public Accountants (AICPA) has rolled out the long-awaited update of its accounting and review standards. Statement on Standards for Accounting and Review Services (SSARS) No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, represents one of the AICPA’s most significant revisions of its nonaudit standards since 1979. Among other things, the guidance creates a bright line between accounting (or preparation) services and reporting (compilation or review) services and lays out distinct requirements for each type of service. This article outlines what the clarified guidance means to those who use CPAs to perform nonaudit services — including reviews, compilations, and financial statement preparations — to report their historical and prospective financial results.
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