A bill to improve Federal Government accountability over profits made by contractors under negotiated Federal contracts by requiring periodic profitability studies, to amend the Defense Production Act of 1950 to require the Administrator of the Office of Federal Procurement Policy to assume the duties and responsibilities previously assigned to the Cost Accounting Standards Board, and for other purposes.

Title I: Cost-Accounting Standards - Cost-Accounting Standards Amendments of 1987 - Amends the Defense Production Act of 1950 to transfer all authority and duties of the former Cost Accounting Standards Board to the Administrator of the Office of Federal Procurement Policy. Expands such authority over defense contracts to cover all Government contracts.

Revises the method for determining interest rates under regulations promulgated by the Administrator and their effective dates.

Requires referral to the Administrator of any case before a Board of Contract Appeals which requires the interpretation of a cost accounting standard to the Administrator. Provides that the Administrator's interpretation shall be made a part of the formal record of the case to be considered by the Board in its decision. Establishes a Cost-Accounting Advisory Council to advise and make recommendations to the Administrator of the Office of Federal Procurement Policy with respect to cost accounting standards.

Title II: Periodic Profit Studies - Government Contractor Profit Reports Act of 1987 - Amends the Renegotiation Act of 1951 to establish an Office of Procurement Studies and Analysis in the Office of Federal Procurement Policy to: (1) develop a uniform reporting system to govern profit information submitted by Government contractors; (2) establish criteria and procedures for profit studies; and (3) provide recommendations to revise and develop profit policies relating to the negotiation of Government contracts.

Authorizes the Administrator to exclude any class of Government contractors as a covered company. Defines "covered company" as one in receipt of payments of at least $50,000,000 in any year.

Requires covered companies to report annually to the Administrator on specified cost and pricing data.

Requires the Administrator to conduct a study of profits made by covered companies at least once every three years and to report to the Congress annually on such studies.

Grants the Administrator access to all information of covered companies relating to provisions of this Act. Authorizes the Comptroller General to review any profit study conducted under such Act.

Authorizes appropriations.