Genesis Company has a portfolio with seven loans receivable. The loans vary in size and have been extended to companies with different credit ratings. Given a downturn in the economy, it is expected that at least two of these loans will be impaired. Which of the following statements best describes the accounting for these loans under IFRS?

A. IFRS implies that the loans should be reported at their carrying amounts. B. IFRS uses an incurred loss model rather than an expected loss model, so no impairment on each of the two loans is recognized until an identifiable event occurs and is measurable. C. Under IFRS, when impairment is permitted, the balance on each of the impaired loans becomes the new basis for the loan. D. IFRS uses an expected loss model and the entire diverse portfolio should be written down based on the anticipated impairment.