At December 31, 2010, a company has a piece of equipment it acquired on January 1, 2007, with an initial scrap value of $0, which has significantly decreased in market value due to technological innovations in the industry in which the company operates. The equipments 10-year service life has a net carrying value of $60,000 ($100,000 cost less $40,000 of accumulated depreciation). The expected future undiscounted cash flows from the use of this equipment are $59,000. Additionally, the company expects to scrap the equipment in six years at the end of its service life, for $2,000.

Is an impairment loss calculation required using IFRS?