Which of the following is true regarding credit losses for IFRS and U.S GAAP?
a. Only IFRS uses a current expected credit loss model.
b. Only U.S. GAAP uses a current expected credit loss model.
c. Both IFRS and U.S. GAAP use a current expected credit loss model.
d. Neither U.S. GAAP nor IFRS uses a current expected credit loss model.