Common Accounting Mistakes: Government Edition - Issue #7 Accounting for Fixed Price vs Cost Contracts
SMBAccountant
OCTOBER 7, 2020
For small businesses working to attain contracts through the Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs, the first phase of the project is typically a firm fixed price (FFP) contract. This type of contract requires justification for the overall price of the proposal, but once awarded no adjustments are made based on the price of performing the agreed upon work.
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