Firms have one year for new tax Bill reporting

Public companies have been given a "measurement period" to study the changes created by a new law

US financial regulators said on Friday that because the new tax Bill could make timely financial reporting difficult, public companies can make reasonable estimates when uncertain of the impact of the new tax law in financial reports, and will have up to a year to report final numbers.

The Securities and Exchange Commission bulletin comes after the US Chamber of Commerce warned on Thursday that some US listed companies may struggle to file their annual financial reports on time because the Republican-led overhaul of the country’s tax system may prompt a raft of additional disclosures.

In a statement on the Tax Cuts