Business Accounting and Foreign Trade Simplification Act

Business Accounting and Foreign Trade Simplification Act - Changes the name of the Foreign Corrupt Practices Act of 1977 (FCPA) to the Business Practices and Records Act.

Amends the Securities Exchange Act of 1934 to require securities issuers to maintain an internal accounting system that provides reasonable assurance that specified accountability and accuracy goals are met. Establishes the degree of previous knowledge necessary to find liability for violations of the accounting standards. Requires only good faith efforts at ensuring compliance by issuers who hold 50 percent or less of the equity of domestic or foreign firms.

Transfers from the Security and Exchange Commission to the Department of Justice jurisdiction to enforce the antibribery prohibitions of the FCPA with respect to issuers.

Changes the jurisdictional basis of the current corrupt practices prohibition to prohibit bribery "with respect to activities in interstate or foreign commerce" (currently, the basis is use of the mails or interstate commerce "in furtherance" of bribery). Prohibits payments or promises made "directly or indirectly" by a domestic concern to a foreign official in order to obtain business. Prohibits such payments that are made to influence a foreign official's act or induce such an official to violate a legal duty. Prohibits domestic concerns from directing or authorizing such payments.

Exempts from such prohibition any payment to a foreign official to facilitate or expedite performance of official duties and which is customary in the country where made. Enumerates additional exemptions, including items of value given in return for hospitality or in token of regard and esteem, and marketing or demonstration expenses pertaining to the business presentation.

Empowers the Attorney General to undertake any civil investigation which is necessary to enforce the Act.

Makes the provision in the Business Practices and Records Act the exclusive Federal law authorizing Federal proceedings against a domestic concern for using the mails or any instrumentality of interstate commerce to violate such Act.

Requires an interagency task force to issue guidelines specifying permissible conduct and arrangements associated with common types of export sales arrangements and business contracts and precautionary procedures creating a rebuttable presumption of compliance.

Provides for the establishment of a Business Practices and Records Act Review Procedure to answer specific inquiries concerning enforcement of such Act. Requires the Attorney General to issue opinions regarding compliance. Makes such opinions final and binding on all parties if the conduct does not involve a violation.

Requires annual reports to Congress by: (1) the Attorney General concerning actions taken pursuant to such Act; and (2) the Chairman of the Securities and Exchange Commission concerning the reporting requirements.

Expresses the sense of the Congress that the President should negotiate agreements establishing standards of conduct for international business practices, a resolution procedure, and rates of commissions. Directs the President to report to Congress concerning the progress of such negotiations. Requires Congress to review the Business Practices and Records Act after receiving the President's report.

Directs the President to report to Congress on the legal and practical consequences of specific action that the United States could take under existing law to: (1) promote international cooperation to prevent bribery of foreign officials, candidates, or parties in third countries; and (2) encourage persons or businesses operating in foreign countries to refrain from bribing foreign officials, candidates, or parties to the disadvantage of U. S. industry. Requires the report to contain recommendations for new legislation and an analysis of the potential effect on U. S. interests of the corruption of foreign officials and political leaders.