The treatment of gains and losses under Sale and Leaseback arrangements are identical under ASPE and IFRS.

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Under ASPE (Accounting Standards for Private Enterprises in Canada), gains and losses on sale and leaseback transactions are generally recognized immediately. In contrast, under IFRS (International Financial Reporting Standards), the treatment depends on the type of leaseback. If it's a finance lease, any gain is deferred and amortized over the lease term. If it's an operating lease, and the sale is at fair value, gains and losses are recognized immediately; otherwise, gains are deferred and recognized over the lease term. This results in different treatments under the two standards.

The Treatment of Gains and Losses Under Sale and Leaseback