Uniform Guidance: Procurement Grace Period

September 20, 2016 — You probably know that the new Uniform Guidance over federal programs allows for a two year grace period for implementation of the new procurement requirements.  However, we are finding that many entities do not know that Uniform Guidance requires the election to defer implementation to be included in the entity’s documented procurement policies.

Uniform Guidance: Procurement Grace Period If you have federal expenditures and have elected to defer implementation of the new procurement requirements, you should update your documented procurement policies to reflect that election.

Entities with a December year end are required to implement the new requirements starting January 1, 2017 and entities with a June year end are required to implement them starting July 1, 2017.

Procurement requirements under Uniform Guidance can be found here.

Photo Source: cfo.gov

What the SBA's New Quality of Earnings Requirement Means for Business Acquisitions

What the SBA's New Quality of Earnings Requirement Means for Business Acquisitions

The SBA's new SOP 50 10 8.1, effective October 1, 2026, adds a formal Quality of Earnings (QoE) requirement to certain SBA-financed acquisitions...

Read More
Missed a Form 5471 Filing? Here's What You Need to Know

Missed a Form 5471 Filing? Here's What You Need to Know

Discovering that Form 5471 wasn't filed with your tax return can be unsettling. The IRS imposes significant penalties for missed international...

Read More
2026 M&A Market Update: More Deals, More Scrutiny, and a Growing Divide

2026 M&A Market Update: More Deals, More Scrutiny, and a Growing Divide

At our recent Corporate Development event, 2026 M&A Market Update, panelists discussed the forces shaping deal activity midway through the year and...

Read More