$4.$ IAS $36$ Impairment of assets was issued in June $1998$ and subsequently amended in March $2004.$ Its main objective is to prescribe the procedures that should ensure that an entity's assets are included in its statement of financial position at no more than their recoverable amounts. Where an asset is carried at an amount in excess of its recoverable amount, it is said to be impaired and IAS $36$ requires an impairment loss to be recognised. Required $($i$)$ Define an impairment loss explaining the relevance of fair value less costs to sell and value in use; and state $4$ indicators of impairment; $($ii$)$ Explain how an impairment loss is accounted for after it has been calculated. $4.$ IAS $36$ Impairment of assets was issued in June $1998$ and subsequently amended in March $2004.$ Its main objective is to prescribe the procedures that should ensure that an entity's assets are included in its statement of financial position at no more than their recoverable amounts. Where an asset is carried at an amount in excess of its recoverable amount, it is said to be impaired and IAS $36$ requires an impairment loss to be recognised. Required $($i$)$ Define an impairment loss explaining the relevance of fair value less costs to sell and value in use; and state $4$ indicators of impairment; $($ii$)$ Explain how an impairment loss is accounted for after it has been calculated.