In September 2015, the COFAR released an update to the Frequently Asked Questions document of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). There are a number of new FAQs that were added to the document along with some revisions to FAQs previously included. The additions and updates are notated with asterisks in the table of contents for easy reference.
The most notable update is an additional one-year extension on the grace period for implementation of the new procurement requirements, which are now effective for the second full fiscal year after the Uniform Guidance implementation date of December 26, 2014. The previous effective date was the first full fiscal year after the Uniform Guidance implementation date.
With this grace period extension, the procurement requirements are now effective for the year ending December 31, 2016 for calendar year end entities. For all other fiscal year ends, the effective date will be for the fiscal year ending in 2017.
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