In deciding whether financing with receivables is a secured borrowing or a sale under IFRS, the critical element is the extent to which:

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The critical element in deciding whether financing with receivables is a secured borrowing or a sale under IFRS is whether the transferee has received substantially all the risks and rewards of ownership. If the transferor has retained control over the assets transferred, it is likely that the transaction will be considered a secured borrowing. However, if the transferee has received substantially all the risks and rewards of ownership, the transaction will likely be considered a sale. Age of receivables, surrender of control, and reliance on funds from the transferor are not as critical as substantial transfer of risks and rewards in determining the nature of the transaction under IFRS.

In Deciding Whether Financing with Receivables Is a Secured Borrowing