Regulatory Accounting Act of 1995

Regulatory Accounting Act of 1995 - Directs the President, after providing notice and opportunity for comment, to prepare and submit to the Congress: (1) a biennial accounting statement, covering at least the five fiscal years beginning on the first day of the fiscal year in which the report is submitted, that estimates the costs of Federal regulatory programs and corresponding benefits as outlined by this Act; and (2) an associated report analyzing program impacts on small business, State and local governments' ability to provide essential services, and other appropriate factors.

Directs the Director of the Office of Management and Budget to provide guidance to agencies to standardize measures of costs and benefits in such accounting statements as well as their format.

Requires the Director of the Congressional Budget Office, after each accounting statement and associated report are submitted, to make recommendations to the President for improving such statements and reports.