Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.

Burton Howard, CFA, is an equity analyst with Maplewood Securities. Howard is preparing a research report on Confabulated Materials, SA, a publicly traded com- pany based in France that complies with IFRS 9. As part of his analysis, Howard has assembled data gathered from the financial statement footnotes of Confabulated’s 2018 Annual Report and from discussions with company management. Howard is concerned about the effect of this information on Confabulated’s future earnings. Information about Confabulated’s investment portfolio for the years ended 31 December 2017 and 2018 is presented in Exhibit 1. As part of his research, Howard is considering the possible effect on reported income of Confabulated’s accounting classification for fixed income investments.
| Exhibit 1Confab ulated's Investment Portfolio(C Thousands) |
| Characteristic | Bugle AG | Cathay Corp | Dumas SA |
| Classification | F VPL | F VOCI | Amort zed | cost |
| Cost* | e25，000 | 40，000 | E50，000 |
| Market value， 31 December 2017 | 29，000 | 38，000 | 54，000 |
| Market value， 31 December 2018 | 28，000 | 37，000 | 55，000 |


In addition, Confabulated’s annual report discusses a transaction under which receiv- ables were securitized through a special purpose entity (SPE) for Confabulated’s benefit.
Confabulated’s special purpose entity is most likely to be:
Option A:held off-balance sheet.
Option B:consolidated on Confabulated’s financial statements.
Option C:consolidated on Confabulated’s financial statements only if it is a “qualifying SPE.”

Answer: B