Voluntary Alcohol Advertising Standards for Children Act

Voluntary Alcohol Advertising Standards for Children Act - Amends the Communications Act of 1934 to direct the Federal Communications Commission (FCC), on the basis of recommendations from an advisory committee established by the FCC, to prescribe a code of conduct (code) that limits the exposure and appeal to minors of alcoholic beverage advertisements in video programming, taking into consideration the content, frequency, timing, and program placement of such ads as well as the role of public information messages about the risks of alcohol use by minors. Outlines advisory committee requirements. Provides an antitrust exemption, with limitations, for any action or agreement among persons in the television industry undertaken to develop and disseminate such a voluntary code.

Requires the FCC to prescribe such code within one year after enactment of this Act, unless the television industry has established a voluntary code which is acceptable to the FCC.

Requires the FCC to include in a currently required annual report an assessment of the extent to which a code has been successfully implemented, and complied with, by video programming distributors.