Truth in Government Accounting Act of 1986

Truth in Government Accounting Act of 1986 - Requires the Secretary of the Treasury to prepare and make public annual consolidated financial statements for the United States based on accrual accounting procedures.

Directs the Secretary to publish such statements each year on a date not later than the date the President submits the Federal budget to the Congress.

Directs the Secetary to notify the public of the availability of such statements, including placing notice on all tax forms.

Requires the Comptroller General to audit the consolidated financial statements each fiscal year.

Requires the President to include in each budget a summary of how the use of accrual accounting procedures would affect the estimated Federal expenditures, appropriations, and receipts.

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