Final answer:
Under ASPE, repairs are generally expensed immediately unless they provide a future economic benefit like extending the useful life of the asset, in which case they are capitalized as a betterment.
Step-by-step explanation:
Under Accounting Standards for Private Enterprises (ASPE) in Canada, repairs are generally treated as an immediate expense. When a repair is made, it typically does not extend the original life or improve the original functionality of the asset; therefore, it is expensed in the period in which the costs are incurred. Repairs are not capitalized unless they provide a future economic benefit like extending the useful life of the asset or improving its functionality beyond its original assessment, which would then be treated as a betterment and capitalized.
The correct answer to the question 'How are repairs treated under ASPE?' is B. Expensed immediately.