Which one of the following best represents when financial liabilities are derecognized under IFRS 9? A. When the obligation’s fair value has diminished to an immaterial value due to the entity’s deterioration in credit rating B. When it is no longer probable that the entity is going to be required to settle the obligation C. When financial liabilities are extinguished, meaning the obligation is discharged, cancelled, or expires D. When the obligor intends to challenge the amount of the liability owed in a legal proceeding which is currently unsettled