Truth in Government Accounting Act of 2011

Truth in Government Accounting Act of 2011 - Requires the head of each federal agency to prepare for a fiscal year and submit to the Comptroller General (GAO) three quarterly and one annual consolidated financial statement based on the fair-value accrual accounting method. Requires such statement to include all future certain liabilities and all contingent liabilities that can be reasonably estimated, all liabilities that may require future taxes for present liabilities, and other expenditures and liabilities. Requires the Comptroller General to publish all such statements on a website accessible by the public that allows a user to search agency accounts and activities by each office, bureau, and activity of an agency.

Requires the Comptroller General to audit the consolidated financial statements prepared by each federal agency for each fiscal year.

Requires the President's annual budget to include a summary of how the use of accrual accounting procedures would affect the estimated expenditures, appropriations, and receipts of the government in the fiscal year in which the budget is submitted.

Requires the Director of the Office of Management and Budget (OMB) to prepare all of the budgets submitted to the President according to both accrual accounting procedures and the cash basis accounting method.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to require the Congressional Budget Office (CBO) to use current-year spending as the baseline for estimating future mandatory and discretionary changes in spending.