CPA Core 1 - IFRS and ASPE Details
Questions and Answers.
Materiality Bases - Answer5% Normalized profit before tax
0.5-1% of assets or revenue
0.5-5% of gross profit
Non-profit organizations - 1% of total revenue or expenses
Class 8 - Answer Furniture, appliances, and tools >$500
Class 10 - Answer Vehicles under $30,000
Class 10.1 - Answer Vehicles over $30,000 individually
Class 12 - Answer China, cutlery, computer software, and dads (not for rent for more than 7 days in a
30 day period)
Class 13 - Answer Leasehold interests
Class 14 - Answer Patents, franchises, licenses for a limited period
Class 17 - Answer Roads, parking lots, sidewalks, storage areas
Class 29 - Answer Election required
Machinery and equipment used in Canada for the manufacture and process of goods for sale or
lease between March 2007 and 2016
Class 43 - Answer Eligible machinery and equipment used in Canada to manufacture and process
goods for sale or lease that are not included in Class 29.
Class 45 - Answer Computer hardware March 2004 - Mach 2007
Class 50 - Answer Computer hardware after end of January 2009
Questions and Answers.
Materiality Bases - Answer5% Normalized profit before tax
0.5-1% of assets or revenue
0.5-5% of gross profit
Non-profit organizations - 1% of total revenue or expenses
Class 8 - Answer Furniture, appliances, and tools >$500
Class 10 - Answer Vehicles under $30,000
Class 10.1 - Answer Vehicles over $30,000 individually
Class 12 - Answer China, cutlery, computer software, and dads (not for rent for more than 7 days in a
30 day period)
Class 13 - Answer Leasehold interests
Class 14 - Answer Patents, franchises, licenses for a limited period
Class 17 - Answer Roads, parking lots, sidewalks, storage areas
Class 29 - Answer Election required
Machinery and equipment used in Canada for the manufacture and process of goods for sale or
lease between March 2007 and 2016
Class 43 - Answer Eligible machinery and equipment used in Canada to manufacture and process
goods for sale or lease that are not included in Class 29.
Class 45 - Answer Computer hardware March 2004 - Mach 2007
Class 50 - Answer Computer hardware after end of January 2009
