The 2024 Uniform Guidance Update introduces several important changes for both federal grant recipients and auditors. These amendments affect key areas like liability classification, sale and leaseback transactions, supplier finance arrangements, and non-current liabilities with covenants. Each of these changes aims to improve transparency and ensure consistency in reporting financial statements, particularly for federal grant audits.

Auditors must pay close attention to these updates, especially the new disclosure requirements on supplier finance arrangements and how these arrangements impact liquidity and liabilities. The guidance also addresses changes to lease liabilities and the classification of non-current liabilities, which are crucial for accurate financial reporting.

Download the guide to stay informed on the latest updates and ensure your audit practices align with the 2024 Uniform Guidance changes.