- Actions the FASB takes can have a significant effect on your financial statements and the impression they leave with users of such statements. Here are areas the FASB is likely to focus on in 2016.
- 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.
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