The Office of Management and Budget (OMB) published a major revision and consolidation of circulars used to provide guidance related to the administrative, cost principles and audit requirements of federal awards.
The reform was initiated to increase government transparency and efficiency. The OMB also believes the revised guidance will decrease waste, fraud, and abuse and reduce administrative burden on non-Federal entities receiving Federal awards.
The guidance was published December 26, 2013, however it will not become effective for another year.
For more details, please visit: https://www.federalregister.gov/articles/2013/12/26/2013-30465/uniform-administrative-requirements-cost-principles-and-audit-requirements-for-federal-awards.