If you manage federal funds, you will want to review the newly released super circular from the Office of Management and Budget (OMB). The regulations supersede and streamline requirements from OMB Circulars A-21, A-87, A-110, and A-122; Circulars A-89, A-102, and A-133; and the guidance in Circular A-50 on Single Audit Act follow-up.
Federal Agencies have six months from December 26th to issue regulations implementing this guidance. Those regulations will be effective one year from the December 26, 2013 publication date and will apply to federal awards issued after December 26, 2014.