ASPE 3065.06 states that, from the point of view of a lessee, a lease normally transfers substantially all of the benefits and risks of ownership to the lessee when, at the inception of the lease, one or more of the following conditions are present:

a) Transfer of ownership at the end of the lease term
b) Bargain purchase option, Lease term is major part of asset's economic life
c) Lease payments include a large portion of fair value, Specialized nature of the asset
d) Renewal option at fair market value, Lessee has option to purchase at fair market value