Setting -v OFMT='%f'
(without having to embed it into my awk statement) worked for me in the case where all I wanted from awk was to sum columns of arbitrary floating point numbers.
As the OP found, awk produces exponential notation with very small numbers,
$ some_accounting_widget | awk '{sum+=$0} END{print sum+0}'
8.992e-07 # Not useful to me
Setting OFMT for fixed that, but also rounded too aggressively,
$ some_accounting_widget | awk -v OFMT='%f' '{sum+=$0} END{print sum+0}'
0.000001 # Oops. Rounded off too much. %f rounds to 6 decimal places by default.
Specifying the number of decimal places got me what I needed,
$ some_accounting_widget | awk -v OFMT='%.10f' '{sum+=$0} END{print sum+0}'
0.0000008992 # Perfect.