The Hong Kong Inland Revenue Department has issued a revised version of Departmental Interpretation and Practice Notes (DIPN) No. 1 on Profits Tax. The revised version was published on 18 September 2020 and replaces the prior version issued in July 2006. It has been updated to explain the tax principles in relation to: (a) computing assessable profits; (b) recognition of revenue from contracts with customers where HKFRS 15 applies; and (c) measurement of inventories or stock.