Federal Register.Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.Start Preamble. Start Printed Page 7.AGENCY Executive Office of the President, Office of Management and Budget OMB.ACTION Final guidance.SUMMARY To deliver on the promise of a 2.Century government that is more efficient, effective and transparent, the Office of Management and Budget OMB is streamlining the Federal governments guidance on Administrative Requirements, Cost Principles, and Audit Requirements for Federal awards.Learn how double declining balance depreciation works as we breakdown each component and walk through the calculation with helpful examples.These modifications are a key component of a larger Federal effort to more effectively focus Federal resources on improving performance and outcomes while ensuring the financial integrity of taxpayer dollars in partnership with non Federal stakeholders.This guidance provides a governmentwide framework for grants management which will be complemented by additional efforts to strengthen program outcomes through innovative and effective use of grant making models, performance metrics, and evaluation.This reform of OMB guidance will reduce administrative burden for non Federal entities receiving Federal awards while reducing the risk of waste, fraud and abuse.This final guidance supersedes and streamlines requirements from OMB Circulars A 2.A 8. 7, A 1. 10, and A 1.OMB guidances Circulars A 8.A 1. 02, and A 1.Circular A 5. 0 on Single Audit Act follow up.Future reform efforts may eventually seek to incorporate the Cost Principles for Hospitals in Department of Health and Human Services regulations.Copies of the OMB Circulars that are superseded by this guidance are available on OMBs Web site at http www.The final guidance consolidates the guidance previously contained in the aforementioned citations into a streamlined format that aims to improve both the clarity and accessibility.Project%E2%80%99s+annual+depreciation+expense+Remaining+acct.+book+value.jpg' alt='Installation Costs Included In Depreciation Schedule' title='Installation Costs Included In Depreciation Schedule' />
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