OMB together with Federal awarding agencies is issuing a joint interim final rule to implement the new guidance at 2 C.F.R. 200 titled Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The rule will be available for public inspection December 18th, published in the Federal register December 19th (at www.Federalregister.gov) and effective for new awards or some funding increments on or after December 26, 2014.

The final guidance and implementing regulations delivers on President Obama’s second term management agenda and his first term directives under Executive Order 13520, the February 28, 2011 Presidential Memorandum, and the objectives laid out in OMB Memorandum M-13-17 to better target financial risks and better direct resources to achieve evidence-based outcomes. The final guidance, which was originally published December 26, 2013 (available at 78 FR 78589) simultaneously improves performance, transparency, and oversight for Federal awards. The COFAR will measure the impact of this guidance as described under M-14-17.

This is the first I’ve heard of this. Where can I find a good summary of the Uniform Guidance and policy changes it includes?
The best summary of the Uniform Guidance is in the preamble that was published when it was finalized. The preamble is available at 78 FR 78589.

What happens on December 19th and after?
The interim final rule implementing the Uniform Guidance will be published by the Federal Register on December 19th, 2014 and available for public inspection on December 18, 2014 (at www.Federalregister.gov). The CFR will be updated once the guidance becomes effective on December 26, 2014.

What does the December 19, 2014 Federal Register publication include?
The implementing regulation that will be published on December 19th does not include any new policy. It does include regulatory language required to streamline the existing voluminous body of agency regulations into alignment with the Uniform Guidance. This includes language eliminating more than 20 previously separate regulations. OMB estimates that the result of this reform will be a 75% reduction in financial management regulations for Federal awards. Further, non-Federal entities will now be able to access agency-specific implementation of OMB guidance from one location in Title 2 of the Code of Federal Regulations.Specifically, the implementing regulation will include the following: