Firm Fixed Price Contracts Federal Acquisition Regulations (FAR) 16.202-1 describes a firm fixed price contract (FFP) as a contract which “provides a price that is not subject to any adjustment on the basis of the contractor’s cost experience in performing…
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Contract Related Assets and Liabilities There are several situations that give rise to contract related assets and liabilities when working with the government. According to section 912-310-25 (page 14) Recognition of the Financial Accounting Standards Board’s (FASB) accounting standards, receivables…
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