Acquisition Savings Reform Act of 2011

[AI summary unavailable — showing source text] Acquisition Savings Reform Act of 2011 - Directs the Federal Acquisition Regulatory Council to amend the Federal Acquisition Regulation (FAR) to revise certain federal acquisition practices and procedures, including by: (1) requiring executive agency heads to use online reverse auction, or an equivalent method, in the procurement of commercial items above the simplified acquisition threshold; (2) requiring the consideration of Federal Strategic Sourcing Vehicles (defined as a kind of government-wide interagency acquisition contract or agreement to leverage the federal government's buying power) in the acquisition planning process; (3) authorizing contracting officers to waive contract closeout audits above the simplified acquisition purchase threshold based on risk assessments and to write off unreconciled balances on low risk contracts; (4) requiring executive agency heads to mandate that affordability be included as a requirement for major systems, research and development, and construction and architect-engineering acquisitions, prior to the approval of any acquisition plan exceeding $100 million; (5) requiring service contracts valued at more than $100 million to include provis…