AICPA - Preparing for a Single Audit Under the Uniform Guidance: An Auditee Perspective
The Governmental Audit Quality Center (GAQC) hosted a webinar on the new Uniform Guidance (UG) for single audits. The webinar covers topics including background and overview of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards at 2 CFR 200 (UG), an overv.....
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The Red Flag Report
U.S. District Court Supports EEOC Position  U.S. District Judge Mark R. Hornak of the Western District of Pennsylvania’s ruling in EEOC v. FedEx Ground Package System allows for the EEOC to continue seeking recovery under a single suit. Seventeen deaf FedEx workers had filed a claim with t.....
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GASB 72 - FAIR VALUE MEASUREMENT
The Government Accounting Standards Board (GASB) has issued a new pronouncement number 72 that will be effective for fiscal year 2016, with earlier application encouraged. The objective of this statement is to improve financial reporting by clarifying the definition of fair value and providing ad.....
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The Safe Harbor Only Gets Better
This fall, the IRS increased the de minimis safe harbor threshold for expensing asset purchases from $500 to $2,500 for taxpayers without an applicable financial statement (AFS). The threshold for taxpayers with an AFS remains set at a maximum of $5,000 per invoice (or per item as substantiated by t.....
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Federal Grants Uniform Guidance Requirements - Update
As a result of OMB’s Uniform Guidance, there are a number of new requirements applicable to entities that spend $750,000 or more in Federal expenses. This Guidance is applicable to new Federal grants awarded on or after December 26, 2014 and to incremental funding of existing awards made on or aft.....
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