Acquisition System Improvement Act

[AI summary unavailable — showing source text] Acquisition System Improvement Act - Authorizes the assignment from a Federal agency to a private sector organization, or from a private sector to a Federal agency, of employees who work in Federal acquisition or acquisition management, who are considered exceptional performers, and who are expected to assume increased acquisition management responsibilities. Makes permanent agency authority for entering into share-in-savings contracts for information technology with respect to defense contracts and under the Federal Property and Administrative Services Act of 1949. Requires that the Federal Acquisition Regulation (FAR) be revised to include provisions requiring agencies to use commercially available online procurement services to purchase commercial items, including those services that allow agencies to conduct reverse auctions. Extends the deadline for submission of the report from the statutory and regulatory advisory panel. Raises the threshold required before the cost accounting standards of the Cost Accounting Board must be used by executive agencies and contractors and subcontractors in estimating, accumulating, and reporting costs in connection with all negotiated prime con…