Acquisition System Improvement Act

Acquisition System Improvement Act - Authorizes the assignment from a Federal agency to a private sector organization, or from a private sector to a Federal agency, of employees who work in Federal acquisition or acquisition management, who are considered exceptional performers, and who are expected to assume increased acquisition management responsibilities.

Makes permanent agency authority for entering into share-in-savings contracts for information technology with respect to defense contracts and under the Federal Property and Administrative Services Act of 1949.

Requires that the Federal Acquisition Regulation (FAR) be revised to include provisions requiring agencies to use commercially available online procurement services to purchase commercial items, including those services that allow agencies to conduct reverse auctions.

Extends the deadline for submission of the report from the statutory and regulatory advisory panel.

Raises the threshold required before the cost accounting standards of the Cost Accounting Board must be used by executive agencies and contractors and subcontractors in estimating, accumulating, and reporting costs in connection with all negotiated prime contract and subcontract procurements.

Authorizes use by State and local governments of Federal supply schedules for goods and services for defense against or recovery from terrorism or nuclear, biological, chemical, or radiological attack.

Mandates that the FAR be revised to establish payment terms for contract financing payments that are not otherwise subject to other laws governing payment terms.

Establishes in: (1) the Department of Defense (DOD) the Department of Defense Board of Contract Appeals; and (2) the General Services Administration (GSA) the Civilian Board of Contract Appeals to resolve Federal contract disputes.

Requires procedures for expediting the disposition of appeals in cases of small business concerns where the disputed amount is $150,000 or less.

Makes the authority of the Defense and Civilian Boards applicable to: (1) contracts at or below the simplified acquisition threshold; and (2) contracts for the procurement of commercial items.

Transfers personnel, funds, and property of the: (1) Armed Services Board of Contract Appeals to the Defense Board of Contract Appeals; and (2) other Boards of Contract Appeals (with exceptions) to the Civilian Board of Contract Appeals.

Specifies the jurisdiction of the Defense and Civilian Boards.

Establishes the Postal Service Board of Contract Appeals (having jurisdiction respecting the U.S. Postal Service and the Postal Rate Commission).