Acquisition Savings Reform Act of 2011

Acquisition Savings Reform Act of 2011 - Directs the Federal Acquisition Regulatory Council to amend the Federal Acquisition Regulation (FAR) to revise certain federal acquisition practices and procedures, including by: (1) requiring executive agency heads to use online reverse auction, or an equivalent method, in the procurement of commercial items above the simplified acquisition threshold; (2) requiring the consideration of Federal Strategic Sourcing Vehicles (defined as a kind of government-wide interagency acquisition contract or agreement to leverage the federal government's buying power) in the acquisition planning process; (3) authorizing contracting officers to waive contract closeout audits above the simplified acquisition purchase threshold based on risk assessments and to write off unreconciled balances on low risk contracts; (4) requiring executive agency heads to mandate that affordability be included as a requirement for major systems, research and development, and construction and architect-engineering acquisitions, prior to the approval of any acquisition plan exceeding $100 million; (5) requiring service contracts valued at more than $100 million to include provisions to achieve productivity improvements and cost efficiencies; and (6) assisting small businesses by paying their invoices as quickly as possible and before normal payment due dates established by contract.

Requires the Administrator for Federal Procurement Policy to develop a plan for reducing the use of time and materials and labor hour contracts.

Requires the Director of the Office of Management and Budget (OMB) to: (1) identify on the OMB website a list of all Federal Strategic Source Vehicle contracts and agreements and awardees, and (2) develop a plan to achieve not less than $1 billion in measurable savings through Federal Strategic Sourcing Vehicles for FY2013-FY2016.