HKFRS 13 "Fair Value Measurement" ("HKFRS 13") was issued in June 2011 to set out in a single HKFRS a framework for measuring fair value. It does not introduce new fair value measurement requirement but focuses on how to measure fair value when it is required under other HKFRSs.
In March 2010, the Joint Liaison Committee on Taxation ("JLCT") was invited to review the issue of Section 39E of the Inland Revenue Ordinance ("IRO"). Pursuant to the submission of the report and recommendations by the JLCT in June 2010, the Secretary for Financial Services and the Treasury ("the Secretary"), Professor K.C. Chan, formally replied in the Legislative Council on 24 November 2010 that after consideration of the report by the JLCT, "there are no justifiable grounds to relax the existing restriction in Section 39E".
