AFAIK there is no such thing as "lossless" AAC.
It's called Apple Lossless, and it isn't part of the AAC specification AFAIK. This is NOT AIFF.
It is a lossless compression of audio data, i.e., you can decompress it and get the same data as before. It uses an algorithm more suited for audio rather than the more generic zip compression. FLAC is another example of lossless audio.
The format on CDs is 16bit PCM which no compression. CDs datarate is 44000 samples per second, 16bits (2bytes) each sample for each channel. Makes 176k Bytes/sec or 1408kbits/sec. Thats lossless, ie not compressed at all.
It's lossless, and uncompressed. Apple Lossless is also lossless, but compressed.
You maybe thinking of Apple lossless (AIFF) which is equivalent to a WAV file on Windows, its a way of storing uncompressed 16bit PCM.
AIFF is not Apple Lossless.