In the United States, in an office situation, on a scale of 1 to 10, where 1 is perfectly acceptable polite language, and 10 could get you fired from a job, the word "bullshit" would be about a 3 or a 4, while the abbreviation "BS" (pronounced bee-ess) would be about a 2.
Initials are sometimes in place of rude expressions to soften them. Some common ones are "SOB" (for "son-of-a-bitch,") "POS" (for "piece of shit,") "CYA" (for "cover your ass.")
A "bureaucracy" means a big organization with complicated rules and procedures. "Bureaucratic BS" means complicated procedures that make someone angry because they seem unnecessary.
"Could I borrow your Plexicon-2450 to do some tests?"
"Strictly speaking I shouldn't lend it out without your filling out a departmental equipment loan authorization form and getting the VP of Engineering to sign it, but I trust you so I'll skip the bureaucratic BS. Just be sure you get it back to me by five today so I don't get in trouble."