Government Accounting Advisor: UG Procurement Standards Update

The OMB recently published an amendment in the Federal Register on May 17, 2017, (82 FR 22609) to delay the implementation date of the procurement standards in the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). The amendment extends the grace period one year, through December 25, 2017. Auditees now have until fiscal years beginning on or after December 26, 2017, (years beginning July 1, 2018, for June year ends) to comply with the procurement standards in the Uniform Guidance. Like the previous grace period, an auditee must document in its internal procurement policies and procedures whether it is complying with the old or new standards.