Firm Fixed Price Contracts

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

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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