OMB Pre-Releases Changes to Uniform Guidance

Submitted by Galasso Learning Solutions

Further information will be made available as it happens. Upcoming GLS Governmental courses will feature deeper content on this topic, as will future SCACPA communications. 

While many of you are still very knee deep in the 2023 busy season, GLS wanted to inform you that OMB released an updated version of the Uniform Guidance and issued an accompanying implementation memorandum as well as reference guides. The update does include the change in the Single Audit Threshold to $1 million dollars. It also increases the threshold for equipment to $10,000. The effective date for the final guidance is October 1, 2024. Federal agencies may elect to apply the final guidance to Federal awards issued prior to October 1, 2024, but they are not required to do so.

Here is the current Pre-Publication text for your light reading:

https://www.cfo.gov/assets/files/Final%202%20CFR%20Guidance%…

Genuine Learning Blog: AICPA Issues Updates to FRF for SMEs

Stay up to date with the latest changes to the AICPA’s FRF for SMEs. Melisa Galasso breaks down what’s new and what stays the same in this special purpose framework update.
READ MORE

Career Opportunity: Vice President of Accounting – AllSouth Federal Credit Union

Position Detail With $1.5 billion in assets, located in Columbia, South Carolina, AllSouth Federal Credit Union is currently recruiting for an accounting professional to serve as their Vice President of ...
READ MORE

Genuine Learning Blog: FASB Issued 2026 Investor Outreach Report

Get an overview of the FASB 2026 Investor Outreach Report with Melisa Galasso. Learn how FASB gathers input from investors to shape financial reporting standards.
READ MORE