Which of the Following Is One of the Two Steps

Which of the following is one of the two steps of the 2-step test for derecognition of receivables stated in IAS 39,International Accounting Standard 39,"Financial Instruments: Recognition and Measurement"?

A) The transferred assets have been isolated from the transferor such that the transferor and its creditors cannot access the assets.
B) The transferee has the right to pledge or exchange the transferred assets.
C) If the receivable transfer does not involve the transfer of substantially all the risks and rewards of ownership,then test to determine if the transferor maintains effective control over the assets through either an agreement to repurchase the assets before their maturity,or by the ability to cause the transferee to return specific assets.
D) Determine whether the receivable transfer involves a transfer of substantially all the risks and rewards of ownership of the receivable and,if so,account for the transfer as a sale of the receivable.