Independent Counsel Accountability and Reform Act of 1995

Independent Counsel Accountability and Reform Act of 1995 - Amends the Federal judicial code to reauthorize the independent counsel statute (the Act).

Revises the Act to require specific information from a credible source sufficient to constitute grounds to investigate whether a person covered by the Act has violated specified Federal criminal laws.

Requires the division of the court that appoints an independent counsel to: (1) define with specificity the independent counsel's prosecutorial jurisdiction; and (2) assure that the independent counsel has adequate authority to fully investigate and prosecute the alleged violations of criminal law with respect to which the Attorney General has requested the appointment and matters directly related to such criminal violations.

Establishes or revises provisions regarding: (1) office space; (2) limits on expenditures; (3) monthly reporting to congressional committees regarding expenditures; and (4) limits on the removal, termination, and periodic reappointment of an independent counsel.

Directs the Comptroller General of the United States to report to the Congress with recommendations of ways to improve controls on costs of offices of independent counsel.