Cost-Accounting Standards Board Amendments of 1986

Cost-Accounting Standards Board Amendments of 1986 - Amends the Defense Production Act of 1950 to revise certain provisions relating to the composition, term of office, and compensation of the Cost-Accounting Standards Board. Makes the Administrator of the Office of Federal Procurement Policy the Chairman of the Board, with four other members to be appointed by the President by and with the advice and consent of the Senate. Makes the Board's promulgation of accounting standards permissive rather than mandatory. Requires the Board to consult with and consider the recommendations of the Comptroller General of the United States before promulgating any such standards and regulations.

Requires the Board to report to the Congress within one year after enactment of this Act, and annually thereafter.