ABC Company is a manufacturing firm that operates internationally, producing a wide range of consumer goods. During the financial year ending December 31, 20X3, ABC Company encountered a significant impairment loss on its manufacturing equipment. The company's management is seeking your expertise to understand the accounting treatment for this impairment loss. Provide a comprehensive response to the following subpart:

(a) Impairment Loss Recognition and Measurement:

Explain the accounting principles and procedures related to the recognition and measurement of impairment losses on long-lived assets, specifically focusing on manufacturing equipment, as per both the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP) in the United States.

(i) Recognition Criteria: Describe the conditions under which ABC Company should recognize an impairment loss on its manufacturing equipment. Discuss the indicators of impairment, such as technological obsolescence, physical damage, or changes in market demand, and how these indicators are evaluated to assess impairment.

(ii) Measurement of Impairment Loss: Outline the methods for measuring the impairment loss once an asset is deemed impaired. Include a discussion on the fair value less cost to sell method and the value in use method, explaining the key assumptions and factors involved in these calculations. Compare and contrast the application of these methods under IFRS and GAAP, highlighting any significant differences.

(iii) Financial Statement Presentation: Describe how ABC Company should present the impairment loss on its manufacturing equipment in the financial statements. Discuss the specific disclosures required in the notes to the financial statements, emphasizing the importance of transparency and providing relevant information to the users of the financial statements.

Ensure your explanation is detailed and covers the fundamental concepts under both IFRS and GAAP, enabling ABC Company's management to make informed decisions regarding the impairment loss on its manufacturing equipment for the financial year ending December 31, 20X3.