File and Pay
File and Pay - Terms of Use
These terms of use are for the File and Pay system. They help to ensure you understand how File and Pay can be used.
You are being asked to agree to these terms and conditions, so please read them carefully and ensure you understand them. If you choose to accept them, these terms and conditions will form an agreement between you and the Ministry of Justice (the Ministry).
About File and Pay
File and Pay will allow participants to interact with the Ministry in an electronic way by providing a platform for:
The adoption of HKFRS 15 is likely to lead to significant changes for revenue recognition
The Inland Revenue Department (IRD) issued an updated guidance Departmental Interpretation and Practice Notes No. 1 (DIPN 1) on: (a) computing assessable profits; (b) revenue recognition under HKFRS 15: Revenue from Contracts with Customers; and (c) measurement of inventories or stock.
The updated guidance primarily sets out the IRD’s views and assessing practice under HKFRS 15, and contains examples illustrating the accounting and tax treatments; and the stock valuation methods for tax purposes.
Part A: Computation of assessable profits
The updated DIPN 1 outlines the core principles for computing assessable profits on revenue derived from customer contracts under HKFRS 15. In particular: