- 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.
- On March 11, 2015, the Financial Accounting Standards Board (FASB) made some important decisions about the ongoing project, Insurance-Disclosures about Short Duration Contracts.
- New accounting method change procedures will help small businesses comply with repair and maintenance regulations.
- Two new revenue procedures mean major modifications for accounting method changes.
- 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.
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