OMB Releases Interim Final Rule to Implement Uniform Guidance for Federal Awards

On December 19, 2014, the Office of Management and Budget (OMB), together with federal awarding agencies, released a joint interim final rule to implement the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The purpose of issuing this final rule was to make a few technical corrections to the uniform guidance previously issued last December and to provide the implementing guidance for each federal awarding agency.

The interim final rule is over 1,140 pages long, and in the coming months we’ll provide more information on the changes OMB and federal awarding agencies made to the previously issued guidance, including changes to both “must” items (requirements) and “should” items (best practices). In the meantime, we wanted to make you aware of the issuance of this new guidance as early as possible, since certain provisions within the guidance are effective for some federal awards as early as December 26, 2014.

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We can help you determine the impact of the uniform guidance on your organization and guide you through any changes. For more information, contact your Moss Adams professional.